Chana up on spot demand

Tight supplies in the market also supported prices

Chana prices rose by Rs 16 to Rs 4,250 per quintal in futures trade today as speculators created fresh positions on the back of pick-up in demand in the spot market.

Tight supplies following restricted arrivals from producing belts further fueled the uptrend in chana futures prices

At the National Commodity Derivatives Exchange, chana for delivery in June rose by Rs 16, or 0.38%, to Rs 4,250 per quintal with an open interest of 56,030 lots.

The July contract traded higher by Rs 13, or 0.30%, to Rs 4,353 per quintal in 80,170 lots.

Analysts said speculators created fresh positions on the back of pick-up in demand at spot markets against restricted arrivals from producing belts mainly led to rise in chana prices at futures trade.