March 14, 2012 / 2:32 AM / 6 years ago

India chana seen down on arrivals;guar up on exporter demand

MUMBAI, March 14 (Reuters) - Indian chana futures are expected to open down on Wednesday on higher supplies in spot market from the new season crop though lower stocks with dealers and a fall in output could reverse the trend, analysts said.

* On Tuesday, the April chana contract on the National Commodity and Derivatives Exchange (NCDEX) closed up 1.2 percent at 3,727 rupees per 100 kg.

* The country’s chana production in 2011/12 is estimated to fall to 7.66 million tonnes from 8.22 million tonnes a year ago, the farm ministry said last month.

* A firmness in the prices of other pulses, due to lower production, is also seen supporting chana.

GUAR SEED

Indian guar seed futures are likely to open up on buying by exporters amid negligible stocks in spot markets, analysts said.

* The April guar seed contract on the NCDEX closed up 0.35 percent at 22,690 rupees per 100 kg.

* Guar seed prices have been rising for the past few months due to a decline in production, lower stocks and very strong overseas demand. The prices have more than doubled since December.

Reporting by Deepak Sharma; Editing by Subhadip Sircar

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