Ample stocks drag down chana futures by 1.51%

Chana prices plunged by 1.51 per cent to Rs 4,308 per quintal in futures trade today as participants reduced exposure, triggered by ample stocks at spot market on higher supplies from producing belts.
At the National Commodity and Derivative Exchange, chana for delivery in October dropped by Rs 66, or 1.51 per cent, to Rs 4,308 per quintal with an open interest of 1,11,820 lots.
Similarly, the commodity for September contracts declined by Rs 56, or 1.30 per cent, to Rs 4,256 per quintal in 4,580 lots.
Analysts said offloading of positions by speculators amid higher supplies from producing regions in the physical market against easing demand mainly pulled down chana prices in futures trade.