Chana up 0.7% on pick-up in demand

Commodity for delivery in May traded higher by 0.69%

Chana prices rose by 0.73% to Rs 3,320 per quintal in futures trade today as speculators enlarged positions, driven by pick-up in demand in the spot market against restricted supplies from producing regions.

At the National Commodity and Derivatives Exchange, chana for delivery in April rose by Rs 24, or 0.73%, to Rs 3,320 per quintal with an open interest of 88,420 lots.

Similarly, the commodity for delivery in May traded higher by Rs 23, or 0.69%, to Rs 3,364 per quintal in 39,190 lots.

Analysts said speculators enlarged positions driven by pick-up in demand in the spot market against restricted supplies from producing regions which led to rise in chana prices at futures trade.
 

They said reports of damage to crop due to recent rains in growing regions, particularly in Madhya Pradesh, also influenced the sentiment.