Chana futures gain 0.35% on festive demand

Chana prices rose by Rs 17 to Rs 4,825 per quintal in futures trading.

Written by Agencies | New Delhi | Published: October 16, 2012 11:55 am

Chana prices rose by Rs 17 to Rs 4,825 per quintal in futures trading after speculators created fresh positions,tracking a firm trend at spot market on pick- up in demand supported by the festive season.

Besides,thin supplies in the physical market further fuelled the uptrend.

At the National Commodity and Derivatives Exchange,chana for delivery in November rose by Rs 17,or 0.35 per cent,to Rs 4,825 per quintal,with an open interest of 74,860 lots.

In a similar fashion,the commodity for delivery in October moved up by Rs 15,or 0.31 per cent,to Rs 4,917 per quintal in 48,250 lots.

Market experts said fresh positions created by speculators,driven by a firm trend at the spot markets on pick-up in demand for the festive season,mainly pushed up chana prices at futures market.

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