Chana futures hit upper circuit, climb 4% on tight stocks

NEW DELHI: Chana prices spurted by 4 per cent to hit upper limit at Rs 8,788 per quintal in futures trade today as speculators created fresh positions, triggered by paucity of stock at spot market amid pick up in demand.

At the National Commodity and Derivatives Exchange, chana for delivery in August shot up by Rs 338 or 4 per cent to Rs 8,788 per quintal with an open interest of 1,680 lots.

Analysts said speculative positions built up by participants, driven by tight stocks positions in the physical market against pick up in demand, mainly pushed up chana prices at futures trade.

They said, however, government's measures to curb rising prices capped the rise.