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India chana up on spot demand, monsoon worries
July 2, 2012 / 8:56 AM / 5 years ago

India chana up on spot demand, monsoon worries

MUMBAI, July 2 (Reuters) - Chana futures in India rose for a third consecutive session on Monday as the market fretted over slow progress of monsoon rains and improved domestic buying ahead of the festive season.

* Weak monsoon rains may impact the sowing of summer-sown pulses such as pigeon peas or tur, black matpe or urad and green gram or moong. Chana is a winter crop for which sowing begins from October and extends till December.

* For the week ended June 27, rains were below average and failed to cover as much of the country as they should have, the weather office said, fanning concerns about output of crops despite reassurances from weather officials.

* At 0850 GMT, the chana August contract on the National Commodity and Derivatives Exchange (NCDEX) was trading up 1.55 percent at 4,511 rupees per 100 kg.

* “Demand is expected to improve further because of the upcoming festival season. Supplies to the market are also less as farmers are awaiting better prices,” said Sudha Acharya, analyst at Kotak Commodities.

* In the Delhi spot market, chana rose 66 rupees to 4,481 rupees per 100 kg.

* Chana production in the current crop year, ending in June, is estimated at 7.4 million tonnes, lower than 8.22 million tonnes in the previous year, farm ministry data showed. (Reporting by Meenakshi Sharma; Editing by Anand Basu)

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