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Our Bureau

Mumbai, Feb. 25 Amidst all the bullishness surrounding the agriculture complex, Chana prices hit the upper circuit on NCDEX on Monday.

Chana April contract hit the upper circuit of 4 per cent in the first hour of trading itself whereby trading in the contract remained suspended for almost the entire day. The contract closed up at Rs 2,255 per 100 kg, the upper circuit level.

Bullish fundamentals of the commodity stem from the expectation of lower crop by 10 to 15 per cent, said Mr Amul Tilak, research analyst at Kotak Commodities Pvt Ltd.

Also the market is expecting a delay in the arrivals with the result of lower warehouse stocks, he added. This has resulted in higher spot prices that is supporting the futures, he added.

Spot price in Delhi was quoted at Rs 2,833 per 100 kg up by Rs 179 and up 26 per cent this month.

The Government earlier this month said chana output in 2007-08 may drop by 7.9 per cent to 5.83 million tonnes from 6.33 million tonnes last year.

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