Chana weakens 0.8% on profit-booking

Subdued demand in spot market drives futures prices down

Chana prices fell by 0.81 per cent to Rs 2,821 per quintal in futures market today as speculators booked profits driven by a weak trend at the spot market on sluggish demand.
    
Expectations of higher production in this season also put pressure on the chana futures prices.
    
At the National Commodity and Derivative Exchange, chana for delivery in February fell by Rs 23, or 0.81 per cent, to Rs 2,821 per quintal, with an open interest of 50,760 lots.

    
The April contract lost Rs 7, or 0.23 per cent, to Rs 3,005 per quintal, with open interest of 74,920 lots.
      
Traders said besides profit-booking by speculators, subdued demand in the spot market at existing higher levels mainly led to the fall in chana prices at futures trade.