The Hindu Business Line : Chana futures hit upper circuit

Mumbai, Feb 4 Cloudy weather in Rajasthan, Madhya Pradesh and Andhra Pradesh seem to have a major impact on futures trading in agriculture commodities on Monday.

Chana futures hit the upper circuit and closed with a gain of 4.34 per cent at Rs 2,500 per quintal. “Trade estimates a 10-15 per cent fall in production from earlier estimates of 55 lakh tonnes. Area under chana cultivation is down 0.3 million hectares at 8 million hectares ,” said an analyst. Turmeric gained 2.87 per cent to Rs 3,014 per quintal on fresh buying as cold weather in Andhra Pradesh may pull cut production.

Chilli rose 2.76 pr cent to Rs 4,015 per quintal on lower arrivals in the spot markets. “Arrivals were around 30,000 bags against 35,000-40,000 bags in Guntur. Speculators also bough as they expect quality to deteriorate due to cold weather,” said a trader.

Other major gainers incude soyabean (up 1.75 per cent) kapaskali (1.1 per cent), guarseed (1.1 per cent) and pepper (0.95 per cent). MCX recorded a turnover of Rs 5,669 crore up to 5 pm, while it was Rs 3,054 crore on NCDEX.

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