July 16, 2012 / 8:43 AM / in 5 years

India chana hits record high on festive demand, thin supply

MUMBAI, July 16 (Reuters) - Indian chana futures touched a record high on Monday due to robust demand from the spot market ahead of the festive season amid thin supplies and inadequate stocks.

* At 0821 GMT, chana for August delivery on the National Commodity and Derivatives Exchange (NCDEX) was trading 1.42 percent up at 4,798 rupees per 100 kg, after touching a record high of 4,840 earlier in the session.

* “A slow sowing of kharif pulses is supporting the upside in chana along with thin supplies. It may touch 5,000 rupees by the end of the month,” said Sudha Acharya, analyst at Kotak Commodities.

* Demand for chana usually rises during the rainy season due to lower availability of fresh vegetables and the upcoming festive season that begins next month.

* In the Delhi spot market, chana rose 166 rupees to 4,837 rupees per 100 kg.

* Chana is a winter crop sown from October to December.

* India’s monsoon rains were above average in the past week for the first time in the current season, the weather office said on Thursday. (Reporting by Meenakshi Sharma; Editing by Anupama Dwivedi)

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