Chana gains by 0.7% on surging demand

Expectations of lower output also pushed up prices

Rising demand and expectations of a lower output pushed up chana prices further 0.70% to Rs 3,892 per quintal in futures market today as speculators widened their positions.

At National Commodity and Derivatives Exchange (NCDEX), chana for delivery in April advanced Rs 27, or 0.70%, to Rs 3,892 per quintal with an open interest of 67,470 lots.

Similarly, the commodity for delivery in May traded higher by Rs 9, or 0.23%, at Rs 3,872 per quintal in 1,47,270 lots.

Analysts said besides rising demand in the spot market, hopes of a lower output due to unseasonal rains in growing regions put upward pressure on chana prices at the futures trade.