April 9, 2013 / 8:33 AM / 5 years ago

India chana drops from 2-1/2 month high on profit-taking

MUMBAI, April 9 (Reuters) - Indian chana futures eased on Tuesday after rising to their highest level in two-and-a-half month in the previous session as weak demand in spot markets prompted traders to book profits.

* The May contract was down 0.61 percent at 3,598 rupees per 100 kg on the National Commodity and Derivatives Exchange at 0816 GMT, after rising to 3,646 rupees in the previous session, the highest level since Jan. 29.

* “Profit-booking pulled down futures. Traders are still worried about the impact of rainfall on chana production in Madhya Pradesh,” said Sudha Acharya, an analyst at Kotak Commodity Services Ltd.

* Madhya Pradesh is the top chana producer in the country and has received unseasonal rainfall in the last few weeks, raising concerns over yields.

* Chana, or chickpea, eased 19 rupees to 3,589 rupees per 100 kg in the New Delhi spot market. (Reporting by Rajendra Jadhav; Editing by Subhranshu Sahu)

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