Chana futures rose Friday as traders created fresh positions on the back of firm demand in the physical markets.At NCDEX chana November contract is trading at Rs.3458 per quintal, up by 1.55 per cent on 16:30 IST against the previous close.
In the early sessions the contract traded at a range of Rs.3388-3463 per quintal. Open interest of the contract is 93780 lots and volume traded is 88450 lots for the time being.
Government announced Support price for Rabi crops on 25th October 2011. Chana MSP has been raised by Rs.700/qtl to Rs.2,800/qtl a rise of 38%.
Higher base price coupled with remunerative returns earned by the farmers during the last year is likely to boost area under Chana cultivation in 2011-12 season.
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