Chana futures surge 1.24 percent as demand picks up

NEW DELHI: Chana prices surged 1.24 per cent to Rs 3516 per quintal in futures trading today as traders enlarged their holdings on account of upsurge in spot markets demand.

However, expectations of higher output this season restricted the upside.

At the National Commodity and Derivatives Exchange, chana for delivery in May surged by Rs 43, or 1.24 per cent to Rs 3516 per quintal with an open interest of 93170 lots.

In a similar fashion, the commodity for delivery in April shot up by Rs 42, or 1.23 per cent to Rs 3461 per quintal in 15320 lots.

Market analysts said increased positions by traders, driven by pick up in demand in the spot market mainly pushed up chana prices at futures trade.