Chana futures rise 1% on strong spot cues

Chana prices spurted by 1 per cent to Rs 3,852 per quintal in futures trade today as participants raised their bets, driven by strong demand from dal mills in the spot market against restricted supplies.
At the National Commodity and Derivatives Exchange, chana for delivery in March shot up by Rs 38, or 1 per cent, to Rs 3,852 per quintal with an open interest of 91,670 lots.
Similarly, the commodity for delivery in April contracts was trading higher by Rs 36, or 0.93 per cent, to Rs 3,890 per quintal in 32,970 lots.
Analysts attributed the sharp rise in chana prices in futures trade to expanding of positions by trading, tracking a firm trend in the domestic spot market on soaring demand.