The Hindu Business Line : Inflation fears pull down chana, wheat

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Mumbai Feb. 27 The concern of the Economic Survey 2006-07 over high inflation rate pulled down chana, wheat and guarseed futures on the NCDEX.

Chana futures on NCDEX fell 1.17 per cent to Rs 2,110 per quintal.

The Government estimates place chana rabi output higher at 62 lakh tonnes against 47 lakh tonnes last year.

Wheat futures lost 1.12 per cent at Rs 955 per quintal, while guarseed fell 1.48 per cent to Rs 1,861 per quintal.

Jeera for March delivery on NCDEX tumbled 2.73 per cent at Rs 11,298 per quintal on liquidation of long positions.

Potato dips

Potato futures on MCX dipped 1.17 per cent to Rs 625 per quintal.

Rubber futures on MCX were down 1.99 per cent to Rs 9,388 per quintal. Mentha oil futures dropped 1.28 per cent to Rs 579 per kg.

Chilli futures hit the upper circuit before closing with a gain of 5.78 per cent at Rs 4,137 per quintal.

Good demand from chilli-powder makers in Guntur markets marked up spot prices to Rs 4,200 per quintal. Kapas futures on MCX were up 1.88 per cent to Rs 428 per 20 kgs.

Turnover

NCDEX registered a turnover of Rs 3,019 crore (Rs 3,335 crore, up to 11 p.m.) up to 5 pm on 94,850 (97,340) trades, while on MCX it was Rs 3,754 crore (Rs 11,493 crore, up to 11 p.m.) on 62,545 (182,963) trades. Active trades were seen in chana, pepper, guarseeds, refined soy oil, jeera and gold.