Chana futures gain on lower output concerns

NEW DELHI: Rising for the third day, chana prices rose by 0.69 per cent to Rs 4,796 per quintal in futures trade today as speculators enlarged positions, driven by lower output estimates in key growing regions.

Further, pick-up in demand in spot markets supported the upside.

chana for delivery in July month advanced by Rs 33, or 0.69 per cent to At the National Commodity and Derivatives Exchange, chana for delivery in July month advanced by Rs 33, or 0.69 per cent to Rs 4,796 per quintal with an open interest of 78,320 lots.

Similarly, the commodity for delivery in June gained Rs 31, or 0.66 per cent to Rs 4,699 per quintal in 98,530 lots.

Analysts said besides lower output estimates due to unseasonal rains in key producing regions, pick-up in demand in the spot market mainly kept chana prices higher at futures trade.