Chana futures dip 1.53 pc on hopes of higher sowing

NEW DELHI: Chana prices dipped by Rs 69 to Rs 4,450 per quintal in futures trade today as speculators offloaded their positions after improved rains boosted hopes of higher sowing.

At the National Commodity and Derivatives Exchange, chana for delivery in September shed Rs 69, or 1.53 per cent, to Rs 4,450 per quintal, with an open interest of 15,630 lots.

Likewise, the commodity for delivery in October lost Rs 54, or 1.23 per cent, to Rs 4,345 per quintal, with an open interest of 80,860 lots.

Marketmen attributed the fall in chana futures prices to offloading of positions by speculators as improved rains in producing regions raised prospects of higher sowing.