Chana weakens on profit-booking

Speculators book profits after recent gains amid sluggish demand in the spot market

Chana prices fell by Rs 11 to Rs 4,635 per quintal in futures trade today as speculators booked profits after recent gains amid sluggish demand in the spot market.

However, a slow sowing of kharif pulses due to deficient monsoon rains restricted the losses.

At the National Commodity and Derivatives Exchange, the July contract for chana fell by Rs 11, or 0.24%, to Rs 4,635 per quintal, with an open interest of 3,000 lots.

The August contract shed Rs 4, or 0.08%, to Rs 4,733 per quintal in 1,12,350 lots.

Market analysts said besides profit-booking by speculators, sluggish demand in the spot market mainly led to a fall in chana prices at futures market here.