January 29, 2013 / 9:03 AM / 5 years ago

India chana drops on weak demand, rising arrivals

MUMBAI, Jan 29 (Reuters) - Indian chana futures fell on Tuesday on profit-taking driven by weak demand as rising supplies from the new season weighed on sentiment.

* As of 0847 GMT, the most-active chana contract for April delivery on India's National Commodity and Derivatives Exchange was down 0.72 percent at 3,579 rupees per 100 kg.

* "Traders are booking profits at higher levels. Supplies are rising in Maharashtra and Karnataka from the new season crop. In the coming weeks they will rise further," said Vedika Narvekar, a senior analyst with Angel Commodities Broking.

* Weather is conducive for chana in almost all key producing states and production in 2012/13 is likely to be higher than the previous year, Narvekar said.

* In the New Delhi spot market, chana, or chickpea, dropped by 30 rupees to 3,920 rupees per 100 kg. (Reporting by Rajendra Jadhav; Editing by G.Ram Mohan)

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