Chana Futures Gain On Improved Demand

Mumbai: Guarseed futures fell to its lower circuit of 2.21 per cent at Rs 1,818 per quintal, while guargum shed 1.91 per cent to Rs 4,471 per quintal on favourable monsoon forecast by the meteorological department.

A good south-west monsoon will be favourable for guar cultivation in rain-fed areas of Gujarat and Rajasthan.

Turmeric down

Barley dipped by 2.89 per cent to Rs 1,075 per quintal on weak sentiment in the Jaipur spot markets. Turmeric was down 1.77 per cent to Rs 3,115 per quintal on arrival pressure in the market. Profit booking and weak domestic demand pushed down kapas futures by 0.96 per cent to Rs 503 per 20 kg.

Chana gained 1.43 per cent to Rs 2,561 per quintal on improved demand in the spot markets. Castorseed was up 0.92 per cent to Rs 524 per 20 kg on strong export demand.

Chilli up

Chilli and soyabean rose 0.59 per cent and 0.52 per cent to Rs 4,400 per quintal and Rs 2,137 per quintal.

Cardamom hit the upper circuit of 2.68 per cent to Rs 671 per kg on continued buying support in spot markets.

MCX recorded a turnover of Rs 4,835 crore up to 5 pm, while it was Rs 2,151 in NCDEX.

Chana Futures Hit Upper Circuit

Mumbai: Amidst all the bullishness surrounding the agriculture complex, Chana prices hit the upper circuit on NCDEX on Monday. Run-up to Budget 2008-09

Chana April contract hit the upper circuit of 4 per cent in the first hour of trading itself whereby trading in the contract remained suspended for almost the entire day. The contract closed up at Rs 2,255 per 100 kg, the upper circuit level.

Bullish fundamentals of the commodity stem from the expectation of lower crop by 10 to 15 per cent, said Amul Tilak, research analyst at Kotak Commodities Pvt Ltd.

Also the market is expecting a delay in the arrivals with the result of lower warehouse stocks, he added. This has resulted in higher spot prices that is supporting the futures, he added.

Spot price in Delhi was quoted at Rs 2,833 per 100 kg up by Rs 179 and up 26 per cent this month.

The Government earlier this month said chana output in 2007-08 may drop by 7.9 per cent to 5.83 million tonnes from 6.33 million tonnes last year.

Chana Futures Gain On Buying Interest

Mumbai: Chana prices in the futures market increased by over 5.5 per cent on buying interest in the spot market from millers, crushers and multinational companies. Its stocks have been declining in the exchange warehouses, resulted in firm demand, said a trader.

Arrivals in the Delhi market remained steady during the week with an average 50-60 truck loads, while arrivals in Indore where reported around 1200 bags. Fresh arrivals are likely to increase only from next month, the trader said.

Chana acreage this year is lower at 79.95 lakh hectares against last year’s 83.24 lakh hectares.

NCDEX spot prices of chana were quoted higher by Rs 147.15 at Rs 2,424 per quintal. Stock position at NCDEX accredited warehouse was 844 tonnes as on February 8, while in MCX warehouse it was 2263.552 tonnes.

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Indian import of pulses in the year 2007-08 is likely to surge to 30 lakh tonnes due to continuous increase in domestic demand, according to sources. The demand for pulses is estimated to be 18.29 mt in 2008-09 from 16.77 mt projected for 2007-08, a trader said. Coverage of rabi pulses has declined to 131.55 lakh hectares as on February 1 against 138.11 lakh hectares during the same period a year ago. Chana production during rabi is expected to be lower at 58.3 lakh tonnes against last year’s 63.3 mt.

Chana prices are likely to trade in a narrow range and move in tandem with rising demand in the spot market from millers and crushers. Imports of alternative peas by Government/State-owed agencies like MMTC / STC, will keep prices under control from shooting up.