Tight supply lifts chana futures by 2.92%

Amid paucity of stocks on restricted supplies from producing regions and rising demand at domestic spot market, chana prices rose by 2.92 per cent to Rs 5,470 per quintal in futures trade today as participants enlarged positions.
Besides, expectations of lower output from the major producing regions supported the upside.
At the National Commodity and Derivatives Exchange, chana for delivery in April surged by Rs 155, or 2.92 per cent to Rs 5,470 per quintal with an open interest of 210 lots.
In a similar fashion, the commodity for delivery in far-month May traded higher by Rs 102, or 1.89 per cent to Rs 5,494 per quintal in 35,040 lots.

Analysts said besides strong demand in the spot market, tight stocks position on restricted supplies from producing belts mainly led to an upward trend in chana prices at futures trade.