12:37 PM
Nifty Tips
Chana futures continued to trade down on the NCDEX counter due to profit selling triggered by lower demand amid strong arrivals in the spot market on Saturday.
NCDEX chana November contract edged down Rs 6 at Rs 2,387 a quintal. It so far moved between Rs 2,395- 2,386 a quintal. Volume in the October contract recorded at 3,730 tons.
NCDEX December contract traded at Rs 2,429 a quintal, down Rs four and traded between Rs 2,437 and 2,427 a quintal. Volume so far recorded at 2,400 tons.
Weak sentiments prevailed across major spot markets of Chana due to subdued trading activity. Reports of increased imports of pulses during April to September 2010 pressurized chana prices yesterday. State trading Corporations have contracted import of 500,000 tonnes of pulses so far in the financial year, of which 280,000 tn have already arrived in the country. STC imported 590,000 tn pulses last year.
However, India’s import of pulses could drop by about a million tonnes next year, with good rains and higher purchase prices announced by the government promising to boost production.
According to the fourth advance estimates of Production, Chana output in 2009-10 is at 7.35 million tonnes compared to 7.05 million tonnes in 2008-09. In NCDEX-accredited warehouses, stock of Chana stood at 34549 tonnes as of October 28th, 2010.
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