Chana gains by 0.7% on lower output concerns
Speculators enlarged positions, driven by lower output estimates in key growing regions
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Rising for the third day, chana prices rose by 0.69% to Rs 4,796 per quintal in futures trade today as speculators enlarged positions, driven by lower output estimates in key growing regions.
Further, pick-up in demand in spot markets supported the upside.
At the National Commodity and Derivatives Exchange, chana for delivery in July month advanced by Rs 33, or 0.69% to Rs 4,796 per quintal with an open interest of 78,320 lots.
Similarly, the commodity for delivery in June gained Rs 31, or 0.66% to Rs 4,699 per quintal in 98,530 lots.
Analysts said besides lower output estimates due to unseasonal rains in key producing regions, pick-up in demand in the spot market mainly kept chana prices higher at futures trade.
Further, pick-up in demand in spot markets supported the upside.
At the National Commodity and Derivatives Exchange, chana for delivery in July month advanced by Rs 33, or 0.69% to Rs 4,796 per quintal with an open interest of 78,320 lots.
Similarly, the commodity for delivery in June gained Rs 31, or 0.66% to Rs 4,699 per quintal in 98,530 lots.
Analysts said besides lower output estimates due to unseasonal rains in key producing regions, pick-up in demand in the spot market mainly kept chana prices higher at futures trade.
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First Published: May 28 2015 | 11:42 AM IST