MUMBAI: India's chana futures fell more than 1 percent on Thursday afternoon on rising arrivals in the physical market and on estimates of higher output, analysts said. "Arrivals have increased in the last 15 days. Millers are not active as they are expecting further fall in the prices," said a spot trader from New Delhi.
At 2:09 p.m., the benchmark May futures contract on the National Commodity Derivatives Exchange was down 1.06 percent at 2,335 rupees per 100 kg.
"Arrivals have been rising from Rajasthan and Madhya Pradesh," said an analyst from a Mumbai based brokerage. Arrivals were rising steadily in major spot markets like Indore, Nagpur, Delhi, Latur and Gulbarga, traders said. In the Delhi spot market, chana dipped 11 rupees to 2,250 rupees per 100 kg.
India's chana acreage as on March 25 stood at 8.93 million hectares, compared with 8.35 million hectares in the same period a year ago, farm ministry data showed. GUAR: India's guar seed futures were lower in midday trade tracking weakness in the physical market, analysts said.
"The monsoon forecast report by Indian meteorological department is likely to be released by third week of April. The report is expected to be normal... Prices may fall further," said Veeresh Hiremath, senior analyst at Karvy Comtrade.
At 2:10 p.m, the most-traded May guar seed on NCDEX was at 2,301 rupees per 100 kg, down 1.41 percent. Hiremath sees 2,280 rupees per 100 kg as a good support level for the most active May contract. In Jodhpur, a major trading hub in Rajasthan, guar seed dropped 28 rupees to 2,298 rupees per 100 kg. In top producer Rajasthan, output is likely to drop by 80 percent to 241,000 tonnes in 2009/10 as scanty rains trimmed area and yields, the state's agriculture commissioner told Reuters in December.
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