May 30, 2012 / 12:31 PM / 5 years ago

Indian chana snaps 3-day gains on profit-taking

MUMBAI, May 30 (Reuters) - Indian chana, or chickpea, futures snapped a 3-day rising streak on Wednesday on profit-taking, outweighing thin local supplies.

* Chana for June delivery on the National Commodity and Derivatives Exchange ended 1.07 percent lower at 4,234 rupees per 100 kg.

* “It may fall by another 40-50 rupees due to profit-taking. But prices may rebound from 4,200 levels as demand is seen emerging at lower levels for the festive season ahead,” said Sudha Acharya, an an a lyst at Kotak Commodity Services.

* The production of pulses in India is expected to fall by 5.3 percent to 17.28 million tonnes in the current crop year ending in June, an estimate from the farm ministry showed.

* Chana, a winter-sown crop, is planted in October-November and harvested in March-April, though unseasonal rains in April delayed harvesting this year.

* In the Delhi spot market, chana fell 25 rupees to 4,325 rupees per 100 kg. (Reporting by Meenakshi Sharma; editing by Malini Menon)

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