MUMBAI: Indian chana futures rose on Tuesday tracking firm cues from the spot market where demand was good from millers and retailers though expectations of an increased output from a likely rise in the area restricted the upside.
* The most-active chana contract for January delivery on the National Commodity and Derivatives Exchange was up 0.33 percent at 3,995 rupees per 100 kg as of 0820 GMT.
* "Local demand has improved marginally at these levels but it is unlikely to sustain at higher prices because the next crop is expected to be higher," said Nitin Taori, a trader from Khamgaon in Maharashtra.
* Imports of pulses in the fiscal year ending March 2013 are expected to be higher than a year earlier due to lesser stocks and a shortfall in the output of summer-sown pulses, traders said. * The first advance estimates from the farm ministry show the output of kharif, or summer-sown pulses, could fall to 5.26 million tonnes from 6.16 million tonnes a year earlier.
* Chana is a winter crop and its sowing, which is in progress, depends on soil moisture.
* In the New Delhi spot market, chana rose 45.5 rupees to 4,088 rupees per 100 kg.
Comments
Comments are closed.