Sowing delay pushes up chana prices

Rising spot demand contributes to uptrend

Chana futures prices today gained 0.31% to Rs 4,834 per quintal as speculators created fresh positions amid delayed sowing due to deficient rains in key producing regions.

At the National Commodity Derivatives Exchange, chana for delivery in August rose by Rs 15, or 0.31% to Rs 4,834 per quintal, with an open interest of 91,200 lots.

The September contract rose by a similar margin to Rs 4,922 per quintal in 38,280 lots.

Analysts said fresh positions created by speculators following delayed sowing due to lower rainfall in key growing areas and the rising spot demand influenced chana prices.