Commodities

Chana futures gain 6% in last one week

| | Updated on: Aug 06, 2012
image caption

Chana futures on the National Commodity and Derivatives Exchange Ltd (NCDEX) gained nearly six per cent to Rs 4,672 a quintal in the last one week due to drought-like situation in most of the northern states.

Though chana is a rabi crop, it takes cues from monsoon and the progress of kharif crop sowing. 

Thin supply in the domestic spot market also pushed up the prices. However, futures markets witnessed correction towards the end of the week on account of profit-booking at higher levels.

The Cabinet Committee on Economic Affairs has approved the Minimum Support Prices (MSP) for arhar (tur) at Rs 3,850 a quintal and moong at Rs 4,400 a quintal, marking an increase of Rs 650 and Rs 900 per quintal, respectively.

According to the Ministry of Agriculture, kharif pulses were covered on 72.79 lakh hectare as of August 3 against 87.53 lakh hectares in the same period last year, a decline of 16.84 per cent.

Sowing is reported lower mainly in Rajasthan. 

According to the fourth advance estimates, pulses output is pegged at 17.21 million tonnes in 2011-12 compared with 18.24 mt produced last year.

Chana prices may gain further on tight supply amid strong demand during this festival season.

Published on August 06, 2012

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

COMMENTS
This article is closed for comments.
Please Email the Editor

You May Also Like

Recommended for you