Spot demand lifts chana futures by 1.68%

NEW DELHI: Supported by strong demand at domestic spot market and restricted supplies from producing regions, chana prices surged by 1.68 per cent to Rs 6,840 per quintal in futures trade today as participants raised bets.

Besides, expectations of lower output fuelled the uptrend.

At the National Commodity and Derivatives Exchange, chana for delivery in June month jumped up by Rs 113, or 1.68 per cent to Rs 6,840 per quintal with an open interest of 1,020 lots.

On similar lines, the commodity for delivery in far-month July contracts traded higher by Rs 63 or 0.93 per cent to Rs 6,859 per quintal in 14,430 lots.

Analysts said widening of positions by traders, driven by strong demand in the spot market against fall in supplies from producing regions, mainly pushed up chana prices at futures trade.