Hot Commodities: Quick Correction Pulls Chana Towards Rs 3300 In Midmorning Trades

Chana slipped on NCDEX today as the selling pressure extended for another session amid weak demand in ready markets. The supplies are tepid in Delhi mandi following recent lull in prices and not much of buying is seen in entire pulses complex. Kharif sowing is likely to dictate the market trend in near term. NCDEX Chana futures are currently trading at Rs 3362 per quintal, down 0.60% on the day. The counter witnessed a steep fall from around Rs 3400 per quintal and tested lows of Rs 3330 in a hurried correction lasting for about one hour. Some order has returned to the market in last half an hour but the overall sentiments remain tepid after the counter fell to a contract low under Rs 3300 per quintal earlier this week. The open interest in the counter has gone up marginally so far, rising by 1.43%.