Chana sheds 1.5% on sluggish spot demand

Speculators trim positions as higher supplies from producing belts add to downard pressure

Chana prices were down by 1.53 per cent to Rs 3,401 per quintal in futures trade today as speculators trimmed positions, amid sluggish domestic demand and adequate stocks position.

At the National Commodity and Derivative Exchange, chana for delivery in February fell by Rs 53, or 1.53 per cent to Rs 3,401 per quintal with an open interest of 1,12,860 lots.

The January contract declined by Rs 31, or 0.89 per cent to Rs 3,441 per quintal in 11,860 lots.

Analysts said offloading by speculators due to subdued demand in the spot market against adequate stocks position on increased supplies from producing belts mainly led to the fall in chana prices at futures trade.