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India chana falls on hopes of higher sowing
November 8, 2012 / 8:12 AM / 5 years ago

India chana falls on hopes of higher sowing

MUMBAI, Nov 8 (Reuters) - Indian chick peas, or chana, futures fell on Thursday on prospects of increased area under cultivation, conducive weather conditions and likely higher imports.

* Traders expect imports of pulses to increase due to an estimated shortfall in the kharif output.

* At 0803 GMT, the December contract on the National Commodity and Derivatives Exchange was down 0.11 percent at 4,346 rupees per 100 kg.

* “Chana is expected to trade sideways. Production is expected higher because of a likely higher seeded area and favourable weather conditions,” said Badruddin Khan, assistant vice president at Indiabulls Commodities.

* In the New Delhi spot market, chana fell 22 rupees to 4,628 rupees per 100 kg.

* Chana is a winter crop and its sowing, which is in progress, depends on soil moisture.

* Traders and analysts expect the area under chana cultivation to increase due to adequate soil moisture and attractive prices.

* On Nov. 1, the government raised the minimum support price of chana to 3,000 rupees per 100 kg for 2012/13 from 2,800 rupees in 2011/12.

* The first advance estimates from the agriculture ministry show the output of the kharif or summer-sown pulses could fall to 5.26 million tonnes from 6.16 million tonnes a year earlier. (Reporting by Meenakshi Sharma; Editing by Subhranshu Sahu)

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