The Hindu Business Line : Chana futures gain on buying interest

Mumbai, Feb. 11 Chana prices in the futures market increased by over 5.5 per cent on buying interest in the spot market from millers, crushers and multinational companies. Its stocks have been declining in the exchange warehouses, resulted in firm demand, said a trader.

Arrivals in the Delhi market remained steady during the week with an average 50-60 truck loads, while arrivals in Indore where reported around 1200 bags. Fresh arrivals are likely to increase only from next month, the trader said.

Chana acreage this year is lower at 79.95 lakh hectares against last year’s 83.24 lakh hectares.

NCDEX spot prices of chana were quoted higher by Rs 147.15 at Rs 2,424 per quintal. Stock position at NCDEX accredited warehouse was 844 tonnes as on February 8, while in MCX warehouse it was 2263.552 tonnes.

Indian import of pulses in the year 2007-08 is likely to surge to 30 lakh tonnes due to continuous increase in domestic demand, according to sources. The demand for pulses is estimated to be 18.29 mt in 2008-09 from 16.77 mt projected for 2007-08, a trader said. Coverage of rabi pulses has declined to 131.55 lakh hectares as on February 1 against 138.11 lakh hectares during the same period a year ago. Chana production during rabi is expected to be lower at 58.3 lakh tonnes against last year’s 63.3 mt.

Chana prices are likely to trade in a narrow range and move in tandem with rising demand in the spot market from millers and crushers. Imports of alternative peas by Government/State-owed agencies like MMTC / STC, will keep prices under control from shooting up.

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