Chana futures up 0.58 pc on spot demand

Chana prices edged higher by 0.58 per cent to Rs 2,761 per quintal in futures trade today as speculators indulged in creating fresh positions amid improved demand in the spot market.
However, expectations of bumper production due to heavy rainfall in the growing areas, capped the gains.
At the National Commodity and Derivatives Exchange, chana for delivery in September rose Rs 16, or 0.58 per cent to Rs 2,761 per quintal with an open interest of 4,620 lots.
Likewise, the commodity for delivery in October gained Rs 6, or 0.21 per cent to Rs 2,815 per quintal in 1,28,520 lots.

Analysts said fresh positions built-up by speculators after demand picked up in the spot market led to the rise in chana prices at futures trade but expectations higher output limited the rise.