March 7, 2013 / 9:07 AM / 5 years ago

Indian chana rises on value buying

MUMBAI, March 7 (Reuters) - Indian chana futures rose on Thursday on value buying triggered by some improvement in the domestic demand, though rising spot supplies and expectations of higher output restricted the upside.

* As of 0902 GMT, the key April contract on the National Commodity and Derivatives Exchange was up 1.12 percent at 3,346 rupees per 100 kg.

* “Domestic demand for the upcoming holi festival is expected to gain momentum next week onwards which could limit any major downside in price,” Kotak Commodities said in a research note.

* Supplies from the new crop have started arriving in Andhra Pradesh, Karnataka, Maharashtra and Madhya Pradesh, and are likely to rise further, dealers said.

* In the New Delhi spot market, chana, or chickpea, rose by 14 rupees to 3,425 rupees per 100 kg. (Reporting by Meenakshi Sharma; Editing by G.Ram Mohan)

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