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Chana futures on NCDEX continued its bullish trend on Thursday by registering a gain of 0.39 per cent at Rs 4,680 a quintal at 1.25 pm.
It opened higher at Rs 4,700 against the previous close of Rs 4,662.
The sharp increase in demand ahead of festival season has been driving up the prices in the last one week. Stockists were taking advantage of lower prices to stock up for future demand.
Prices had declined in September on improved rains and reports of expected higher output in Australia, the largest supplier of chickpeas to India. Good rains in August and September has raised the prospects of chana which is a rabi crop.
In Australia, chana production rose 70.5 per cent to 8.27 lakh tonnes from 4.85 lakh tonnes in the previous year, according to market reports.
The festive demand is expected to push up chana futures prices in the short-term. However, better crop prospects of chana in the rabi season may cap big jump in prices.
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