Chana futures hit upper limit, up 4% on strong demand

NEW DELHI: Chana prices spurted by 4 per cent to hit upper circuits at Rs 4,788 per quintal in futures market today as participants enlarged positions, tracking a firm trend at spot market on uptick in demand.

Furthermore, tight stocks position on restricted supplies from producing regions fuelled the uptrend in chana.

At the National Commodity and Derivatives Exchange, chana for delivery in April surged by Rs 184, or 4 per cent, to Rs 4,788 per quintal, with an open interest of 12,630 lots.

Likewise, the commodity for delivery in far-month May shot up by Rs 177, or 3.78 per cent, to Rs 4,861 per quintal in 40,450 lots.

Analysts said traders enlarging their positions on the back of rising demand in the spot market amid restricted supplies from producing belts mainly lifted chana prices to hit upper circuits at futures trade.