RTRS: India chana edges down anticipating area expansion
MUMBAI, Sept 24 (Reuters) - India's chana futures eased on
Thursday on a likely rise in acreage due to recent rains, but
hopes of improved demand during festivals restricted the
downside, analysts said.
"Water level in reservoirs is still lower than the last
year. But recent rains have improved moisture level....that
should help the sowing," said Ashwini Bansod, a senior analyst
at MF Global Commodities India Ltd.
The water level in India's main 81 reservoirs stood at 59
percent of capacity on Sept 24, compared to 74 percent a year
ago, government data showed.
Chana-producing states like Madhya Pradesh, Maharashtra and
Rajasthan received rains earlier this month, enriching moisture
level in the soil. Chana is mainly taken as a rainfed crop.
Demand for pulses usually goes up during the country's peak
festival season, which runs from August to October.
Chana, a winter-sown pulse, is priced lower than kharif
pulses like tur, urad and moong, but follows their trend as
consumers tend to buy the cheaper substitute.
In the Delhi spot market, the price dropped by 36 rupees to
2,314 rupees per 100 kg.
Following are the closing prices of chana futures in rupees
per 100 kg on the NCDEX <0#NCH:>
Contract Reuters code Closing price Change in %
