Chana futures prices rise on strong spot demand

Chana prices rose by Rs 124 to Rs 4,257 per quintal in futures trade today as traders enlarged their holdings on account of the good spot market demand.

Restricted arrivals in the spot market from major producing areas further supported the uptrend.

At the National Commodity and Derivatives Exchange, chana for December delivery rose by Rs 124, or 3 per cent, to Rs 4,257 per quintal, with an open interest for 20,320 lots.

Similarly, chana for delivery in January higher by Rs 40, or 0.98 per cent, to Rs 4,094 per quintal, with an open interest of 1,03,000 lots.

Traders said speculators increasing their holdings on hopes of a rise in spot market demand due to marriage season, mainly pushed up chana prices.

They said enquiries by millers at lower levels against fall in supply from the producing regions of Rajasthan and Madhya Pradesh further supported the uptrend.

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