Chana weakens 0.77% on sluggish demand

Increased supplies influence prices

Chana prices fell by Rs 38 to Rs 4,880 per quintal in futures trade today as speculators indulged in profit-booking at existing higher levels, driven by sluggish demand in the physical market.

Increased supplies from Madhya Pradesh and Rajasthan put pressure on chana prices in futures trade.

At the National Commodity and Derivatives Exchange, chana for October delivery fell by Rs 38, or 0.77%, to Rs 4,880 per quintal, with an open interest of 1,08,270 lots.

September chana declined by Rs 33, or 0.68%, to Rs 4,788 per quintal, with an open interest of 11,570 lots.

Traders said sluggish demand in the domestic market against increased arrivals from Madhya Pradesh and Rajasthan led to the fall in chana prices in the futures market.