Chana gains 0.19% on lower output estimates

Pick up in demand in the spot market supports uptrend

Chana prices moved up by 0.19 per cent to Rs 4,637 per quintal in futures trading today as speculators indulged in creating fresh positions, triggered by lower output estimates in key growing regions.

At the National Commodity and Derivatives Exchange, chana for delivery in June rose Rs 9, or 0.19 per cent, to Rs 4,637 per quintal with an open interest of 1,10,200 lots.

The July contract traded higher by a similar margin at Rs 4,730 per quintal in 62,670 lots.

Analysts attributed the rise in chana futures to lower output estimates due to unseasonal rains in key producing areas and pick-up in demand in the spot market.