Chana futures gain 1.24 per cent on spot demand

NEW DELHI: Chana prices moved up by 1.24 per cent to Rs 2,848 per quintal in futures trade today after speculators enlarged their positions driven by rising demand from dal mills in the spot market.

However, expectations of bumper production due to heavy rainfall in the growing areas, restricted the upside.

At the National Commodity and Derivatives Exchange, chana for delivery in October rose Rs 35, or 1.24 per cent to Rs 2,848 per quintal with an open interest of 1,27,910 lots.

Similarly, the commodity for delivery in September gained Rs 26, or 0.94 per cent to Rs 2,800 per quintal in 2,430 lots.

Analysts said rising demand from dal mills and retailers in the spot markets mainly influenced chana prices at futures trade here but expectations of higher output limited the gains.