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Chana futures on NCDEX gained marginally to Rs 4,900 a quintal on renewed buying interest at lower levels.
NCDEX has allocated 2,140 tonnes through staggered delivery under the August contract. Spot prices in Delhi markets were firm at Rs 5,000 a quintal due to strong festival demand. Chana futures may gain further on buying at lower levels.
Sugar down
Mumbai: Sugar futures fell 0.46 per cent to Rs 3,464 a quintal as the area under sugar cane coverage increased substantially in last few days. Besides, revival of monsoon in Maharashtra and Karnataka has also raised trader expectations. The Government has decided to release an additional four lakh tonnes of sugar for sale in open market in August. The government also cautioned sugar mills that if they fail to sell the entire additional quota in August, then the unsold sugar will be converted for sale at a lower price through the Public Distribution System.
Acreage under sugar cane cultivation increased to 5.29 million tonnes as of last weekend against 5.06 million tonnes recorded in the same period last year. Despite the increase in acreage, sugar output this year is expected to be lower by one million tonnes due to deficient monsoon in most sugar cane growing states.
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