India chana seen opening steady; guar lower

MUMBAI, Nov 27 (Reuters) - India's chana futures are likely to open steady on Friday as profit-taking is seen offsetting firm prices of kharif pulses and weak arrivals in spot market, analysts said.

There were concerns acreage may shrink this year in Rajasthan due to poor rainfall and a diversion towards rapeseed, but sowing reports indicated a rise in acreage in Madhya Pradesh, traders said.

The January chana futures contract NCHF0 on the National Commodity Derivatives Exchange ended higher 0.07 percent at 2,780 rupees per 100 kg in the previous session.

GUAR:

Indian guar futures are expected to open lower as profit-taking is seen outweighing overseas demand and estimates of lower crop, analysts said.

However, bullish fundamentals may support recovery by midsession, they 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]

The most-traded January guar seed contract NGUF0 on the National Commodity Derivatives Exchange ended down by 0.94 percent at 2,828 rupees per 100 kg.

(Reporting by Rajendra Jadhav & Meenakshi Sharma; Editing by Harish Nambiar)

((rajendra.jadhav@thomsonreuters.com; tel: 91 22 6636 9241; Reuters Messaging: rajendra.jadhav.reuters.com@reuters.net))

(If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)