Chana down 1.1% on muted demand

According to analysts, the fall in the prices is due to subdued demand in the spot market

Chana prices dropped by 1.13% to Rs 4,285 per quintal in futures trade today as participants reduced exposures, driven by easing demand at spot market.

Besides, adequate stocks in the physical market on higher supplies from producing regions fuelled the downtrend.

At the National Commodity and Derivative Exchange, chana for delivery in far-month May drifted by Rs 49, or 1.13% to Rs 4,285 per quintal with an open interest of 5,090 lots.

Similarly, the commodity for delivery in April contracts traded lower by Rs 43, or 1.01% to Rs 4,232 per quintal in 27,290 lots.

Analysts attributed the fall in chana futures to subdued demand in the spot market against sufficient stocks on higher supplies from producing regions.