Chana futures down 1.06 per cent on higher output hopes

NEW DELHI: Chana prices moved down 1.06 per cent to Rs 2,794 per quintal in futures trading today as speculators offloading positions, triggered by expectations of higher production on the back of good rainfall in producing regions.

Besides, sluggish demand in the spot market against adequate stocks position put pressure on chana prices.

At the National Commodity and Derivative Exchange, chana for delivery in October fell by Rs 30, or 1.06 per cent to Rs 2794 per quintal with an open interest of 1,30,540 lots.

Similarly, the commodity for delivery in September traded lower by Rs 23, or 0.83 per cent to Rs 2742 per quintal in 17,580 lots.

Market analysts attributed the fall in chana futures to on expectations of bumper production from the winter-sown crop following good rainfall in the top producing state of Madhya Pradesh.