October 7, 2013 / 9:45 AM / 4 years ago

India guar falls on hopes of higher output; chana up

MUMBAI, Oct 7 (Reuters) - Indian guar seed futures fell on Monday on expectations of higher output due to expanded area under cultivation and as supplies from the new crop start rising in the coming weeks.

* Excess rains in Gujarat are likely to damage the crop and hurt quality, though overall production is expected to be higher, spot traders said.

* At 0931 GMT, the November contract was down 2.18 percent at 4,930 rupees per 100 kg on the National Commodity and Derivatives Exchange.

* “The overall sentiment is weak because new season supplies are nearing and the production is higher than in the previous year,” said Surendra Kumar Yadav, a trader from Hanumangarh, Rajasthan.

* Arrivals from the new season harvest start from October and peak gradually in the following weeks.

* Spot guar fell 215 rupees to 5,585 rupees per 100 kg in Jodhpur.


Indian chana, or chickpea, futures rose due to a pick-up in local demand ahead of festivals.

* India will celebrate festivals such as Dussehra in October and Diwali in the first week of November.

* The November chana contract was up 1.83 percent at 3,064 rupees per 100 kg.

* “The November delivery may witness buying at lower levels with the festive season around the corner... We expect upside of 3,175-3,200 rupees per 100 kg,” Kotak Commodities said in a research note.

* Spot chana rose 23 rupees to 3,057 rupees per 100 kg in Delhi.

* Chickpea is a rabi crop for which sowing will begin in October. The key growing areas have received ample rainfall, which would smoothen the sowing process.

* Production of kharif pulses has been estimated at 6.01 million tonnes for 2013-14. (Reporting by Meenakshi Sharma; Editing by Subhranshu Sahu)

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