Chana futures hit 4% upper limit on upsurge in demand

NEW DELHI, Nov 9:  Chana prices climbed 4 per cent to hit an upper circuit at Rs 4,836 per quintal in futures market today as participants enlarged positions following pick up in demand in the spot market against tight supplies.
At the National Commodity and Derivatives Exchange, chana for delivery in January 2018 surged by Rs 186, or 4 per cent to Rs 4,836 per quintal with an open interest of 16,910 lots.
Chana for delivery in November rose by Rs 196, or 3.99 per cent to Rs 5,114 per quintal with an open interest of 14,480 lots, while delivery in December also climbed Rs 190, or 3.99 per cent to Rs 4,947 per quintal in 29,450 lots.
Analysts said building up of positions by traders, driven by pick-up in demand in the physical market against tight stocks position on fall in supplies from producing regions, mainly led to rise in chana prices at futures trade.
Meanwhile, the government had yesterday imposed import duty of 50 per cent on peas to check cheaper shipments from countries like Canada. (PTI)