Chana spurts on fresh buying

MUMBAI (Commodity Online): Chana futures added some modest gains in the early trading on the NCDEX counter due to the fresh buying activity driven by short supply in the spot market Wednesday.

NCDEX chana August contract advanced Rs six at Rs 2,318 a quintal and so far fluctuated between Rs 2,322- 2,309 a quintal. September contract traded at Rs 2,367 a quintal, up Rs four. It so far moved between Rs 2,371- 2,359 a quintal. Volumes in both contracts recorded at 12,240 and 13,700 tons respectively.

Chana gained Rs 12 and settled at Rs 2314 per quintal as lower-level buying supported by steady demand in the spot, but higher area under kharif pulses and rains weighed on sentiment. Demand is normal in spot at these levels but dwindles at higher prices.

In Delhi spot market, chana ended almost steady at 2,258 rupees per 100 kg. The volume was noted at 45270 lots. Support for chana is at 2302 below that could see a test of 2289. Resistance is now seen at 2321 above that could see a resistance of 2327.

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