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Our Bureau

Mumbai, Jan. 17 Chana futures on National Commodity and Derivatives Exchange closed 2 per cent higher from the previous close on buying trigged by low stocks in the exchange warehouses.

After the near month contract breached technical resistance levels buying led by technicals also were responsible to take the prices higher, said an analyst with a commodity broking firm.

There was also short covering due to lower stocks in the exchange warehouse, said an analyst.

January chana contract that expires on Friday has open interest over 9,500 tonnes mostly on the short side, he said explaining the short covering.

Due to low warehouse stocks market participants are covering their short or sell positions to avoid delivery obligations, which explains why the future price of the commodity ended up higher.

Once the January contract expires the futures are expected to come down, said the analyst.

Chana in the Delhi spot market was quoted at Rs 2,210 per 100 kg, up Rs 10 on stable arrivals.

Chana in Akola was quoted at Rs 2,100 and Rs 2,200. In the Indore spot market chana was quoted at Rs 2,110-2,115 up Rs 10.

More Stories on : Commodity Markets | Pulses

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