March 20, 2012 / 4:17 AM / 5 years ago

India chana seen steady, guar higher on demand

MUMBAI, March 20 (Reuters) - Indian chana futures are likely to open steady on Tuesday as rising arrivals from the new season crop in the physical market are seen offsetting a slight improvement in demand due to the ongoing wedding season, analysts said.

* The most-active chana for April delivery on the National Commodity and Derivatives Exchange ended 0.86 percent lower at 3,795 rupees per 100 kg in the previous session.

* The new season arrivals in Madhya Pradesh and Rajasthan states, the top two growers, are rising and could drag down prices, trader said.

GUAR SEED

Guar seed futures are likely to extend gains on scant arrivals and lower availability of stocks in the domestic market, analyst said.

* The guar April contract last ended 4 percent up at record high of 27,640 rupees per 100 kg.

* Traders have estimated a deficit of around 25 percent in guar seed supply in the market.

* The export of guar gum, a by-product of guar seed, used as sealant in oil and natural gas drilling, nearly tripled to 670,949 tonnes in April-November from 228,113 tonnes a year earlier, the government data showed. (Reporting by Rajendra Jadhav and Siddesh Mayenkar; Editing by Aradhana Aravindan)

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