Chana futures extend slide on ample stocks

Chana prices drifted further lower by 0.87 per cent to Rs 3,854 per quintal in futures trade today as participants engaged in reducing their holdings, driven by ample stocks positions on increased supplies from producing regions at spot market against muted demand.
At the National Commodity and Derivatives Exchange, chana for delivery in January declined by Rs 34, or 0.87 per cent to Rs 3,854 per quintal with an open interest of 12,870 lots.
Analysts said offloading of positions by traders, triggered by sufficient stocks position on increased arrivals from producing belts in the physical market against against subdued demand, mainly kept chana prices down at futures trade.