India chana futures seen opening steady; guar up

MUMBAI, Nov 4 (Reuters) - India's chana futures are likely to open steady on Wednesday as profit-taking was seen offsetting firm prices of kharif pulses and improvement in demand, analysts said.

Chana, a winter-sown pulse, is priced lower than kharif pulses like tur, urad and moong, but follows their trend as consumers tend to buy the cheaper substitute.

The November chana contract NCHX9 on the National Commodity Derivatives Exchange ended 1.31 percent higher at 2,560 rupees per 100 kg in the previous session. The contract had gained 7 percent in October.

GUAR:

Indian guar futures are seen opening higher on lower output concerns due to crop damage in key growing areas, analysts said.

Poor monsoon has damaged nearly 70 percent of standing guar crop in Rajasthan, which accounts for four-fifth of the country's guar acreage. See [ID:nBOM490466]

Analysts said profit-taking at higher levels may trim gains.

The November guar futures contract NGUX9 ended 2.33 percent higher at 2,545 rupees per 100 kg in the previous session, retreating from a high of 2,555 touched in intraday trade.

(Reporting by Rajendra Jadhav & Sourav Mishra; Editing by Prem Udayabhanu)