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Mumbai Jan. 29 Strong spot prices drove chana futures to hit the upper circuit on NCDEX on Monday. However, it slipped to close with a gain of 2.93 per cent at Rs 2,497 per quintal after hitting a high of Rs 2,516. Chana for March delivery was up 3.69 per cent at Rs 2,274 per quintal. Indore spot prices were firm at Rs 2,800 per tonne against Rs 2,600 on Friday.

"Market is keeping its fingers crossed as the Government is scheduled to issue its revised chana production estimates next week which may be lower than the earlier estimate of 60 lakh tonnes. Moreover, spot dealers are not releasing stocks in anticipation of higher prices," said Mr S. Raghuvanshi, an Indore-based wholesaler.

MCX commenced futures trading in coffee robusta. "With the permission of evening trading, traders will be able to cover their price risk exposure at the same time as others in the global coffee market," said Mr Jignesh Shah, MD & CEO, MCX.

The coffee contract for March delivery hit a high of Rs 7,065 per quintal but closed at Rs 7,011 registering a turnover of Rs 3 crore on an open interest of 76 tonnes.

The May futures closed at Rs 6,922 per quintal on a turnover of Rs 2 crore and an open interest of 51 tonnes. India is the world's sixth largest producer of coffee. The country produces 2,74,000 tonnes of coffee annually (94,000 tonnes of arabica and 1,80,000 tonnes of robusta). Guarseed futures gained 1.57 per cent to Rs 2,001 per quintal as spot traders were sitting tight anticipating prices to touch the Rs 2,200-2,400 levels. Jeera futures rose 0.58 per cent to Rs 9,349 per quintal.

Among losers, kapaskhali futures on MCX underwent a correction and closed lower by 1.34 per cent to Rs 323 per 50 kg on profit booking. Mentha oil lost 1.58 per cent at Rs 567 per kg.

NCDEX registered a turnover of Rs 2,930 crore (Rs 1,617 crore, up to 11 p.m.) up to 5 pm on 1,02,014 (62,620) trades while on MCX, it was Rs 3,401 crore (Rs 728 crore, up to 11 p.m.) on 64,621 (21,311) trades.

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