Chana futures surge 1.90 pc on strong demand

Continuing its upward journey for the third straight day, chana climbed by another 1.90 per cent to Rs 4,459 per quintal in futures trading today as participants widened their positions, driven by rising demand in the spot market.

Besides, tight stocks position on restricted supplies from producing regions fuelled the uptrend.

At the National Commodity and Derivatives Exchange, chana for delivery in May month shot up by Rs 83, or 1.90 per cent, to Rs 4,459 per quintal with an open interest of 10,220 lots.

Likewise, the commodity for delivery in April contracts gained Rs 81, or 1.88 per cent, to Rs 4,393 per quintal in 28,360 lots.
 

Analysts attributed the gain in chana futures to strong demand in the spot market against tight stocks on restricted supplies from producing belts.