Chana futures gain 1.03 pc on lower output hopes

Chana futures traded higher by 1.03 per cent to Rs 3,533 per quintal today as speculators enlarged positions, driven by reports of lower output hopes.
Besides, pick up in demand in the spot market and some dal mills enquiries supported the upside.
At the National Commodity and Derivatives Exchange, chana for delivery in February month rose by Rs 36, or 1.03 per cent to Rs 3,533 per quintal with an open interest of 1,11,550 lots.
Likewise, the commodity for delivery in March contracts moved up by Rs 34, or 0.94 per cent to Rs 3,638 per quintal in 1,21,370 lots.

Analysts attributed the rise in chana futures to creating of speculative positions by participants amidst expectations of lower output this year.