Chana futures drop on low demand

Chana prices dropped by 0.73 per cent to Rs 4,507 per quintal in futures market Tuesday as participants reduced exposure, taking negative cues from spot market on tepid demand.

At the National Commodity and Derivatives Exchange, chana for delivery in November fell by Rs 33, or 0.73 per cent to Rs 4,507 per quintal with an open interest of 27,320 lots.

Analysts said cutting down of positions by traders on the back of sluggish demand in the physical market against ample stocks position, mainly pulled down chana prices in futures trade.