Chana futures tumble 4% on government steps to curb prices

NEW DELHI: Chana prices plunged 4 per cent to hit a lower circuit at Rs 5,092 per quintal in futures trade today as speculators indulged in offloading positions after the government decided to intensify anti-hoarding operations imposing stock limits on pulses at the physical markets.

At National Commodity and Derivative Exchange, chana for delivery in November month slumped by Rs 212, or 4 per cent to hit lower limit at Rs 5,092 per quintal with an open interest of 62,560 lots.

Marketmen attributed fall in chana futures to a weak trend at the spot markets after the government announced measures to intensify anti-hoarding operations and imposing stock limits on pulses.

Meanwhile, to prevent hoarding of pulses and check price rise, the Centre yesterday imposed stock limits on pulses held by licenced food processors, importers, exporters as well as large departmental retailers.

It has also directed state governments to intensify anti-hoarding operations and keep a check on black-marketing and profiteering by traders.

Similarly, the commodity for delivery in October contracted traded sharply lower by Rs 196, or 3.76 per cent to Rs 5,016 per quintal in 410 lots.