Chana futures drop 3.07 pc on tepid demand

Chana prices fell 3.07 per cent to Rs 4,137 per quintal in futures market today as participants trimmed their positions, tracking a weak trend at the spot market on muted demand.
At the National Commodity and Derivatives Exchange, chana for delivery in January 2018 was trading lower by Rs 131, or 3.07 per cent to Rs 4,137 per quintal with an open interest of 50,860 lots.
In a similar fashion, the commodity for delivery in December contracts fell by Rs 126, or 2.99 per cent to Rs 4,083 per quintal in 3,760 lots.
Analysts said cutting down of positions by traders, taking negative cues from the spot market on sluggish demand against sufficient stocks position, mainly led to the sharp fall in chana prices at futures trade.