Chana futures weaken 0.54% on supply pressure

NEW DELHI: Amid supply pressure on expectations of bumper crop, chana prices fell by Rs 19 to Rs 3,461 per quintal in futures market on Monday, as speculators trimmed their positions.

Besides, subdued demand in the spot markets also put pressure on the chana prices at futures trade.

At the National Commodity and Derivative Exchange, chana for delivery in April fell by Rs 19, or 0.54 per cent, to Rs 3,461 per quintal, with an open interest of 70,580 lots.

Similarly, the commodity for delivery in May declined Rs 18, or 0.50 per cent, to Rs 3,512 per quintal, with open interest of 13,780 lots.

Traders said besides higher supplies from new season crop in the physical markets amid hopes of a bumper crop, subdued demand in the spot market mainly led to the fall in chana prices at futures trade.

Meanwhile, chana futures fell more than 1 per cent on Friday to their lowest in over 11 months.