September 17, 2012 / 9:33 AM / 5 years ago

Indian chana up on hopes of a rise in consumer demand

MUMBAI, Sept 17 (Reuters) - Indian chana futures recovered after falling in early trade on Monday, bolstered by expectations of an improvement in consumer demand during the approaching festival season.

* Traders see a good opportunity to buy ahead of the festival season following a sharp fall in prices over the past 3-4 weeks due to improving rains, said Badruddin Khan, associate vice-president of research at Indiabulls Commodities.

* Majority of Indians celebrate the Ganesh festival this month, Dussehra in October and Diwali in November. Consumption of all pulses rises during the festival period.

* India’s monsoon rains were 21 percent above average in the week to Sept. 12, the third straight week of heavier-than-normal rains, allaying fears of a sharp fall in pulses output in the current year.

* At 0927 GMT, the key October delivery contract on the National Commodity and Derivatives Exchange (NCDEX) was up 0.82 percent at 4,530 rupees per 100 kg.

* In the Delhi spot market, chana rose 37 rupees to 4,600 per 100 kg. (Reporting by Deepak Sharma; Editing by Prateek Chatterjee)

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