Chana futures rise 4 pc on upsurge in spot demand

Chana prices climbed 4 per cent to hit its upper circuit and closed at Rs 4,918 per quintal in the futures market today as participants enlarged positions following pick-up in demand in the spot market against tight supplies.
Fresh enquiries from dal mills also supported the upmove.
At the National Commodity and Derivatives Exchange, chana for delivery in December surged by Rs 189, or 4 per cent, to close at Rs 4,918 per quintal with an open interest of 26,190 lots, while delivery in January next year climbed Rs 185, or 4 per cent, to end at Rs 4,817 per quintal in 23,090 lots.

Chana for delivery in current month also rose by Rs 95, or 1.95 per cent, to finish at Rs 4,975 per quintal with an open interest of 530 lots.
Analysts said building up of positions by traders, driven by pick-up in demand in the physical market against tight stocks position due to fall in supplies from producing regions, mainly led to the rise in chana prices at futures trade.