Indian chana, jeera seen weaker

February 16, 2014

Indian chana futures fell on Friday and could trade weaker in the next two sessions on estimates of higher output, supplies from the new season crop and slack demand. Jeera futures are also seen trading lower on increased area under cultivation and prospects of higher production.

CHICKPEAS Chana, or chickpea, futures ended lower on Friday on estimates of higher production due to expanded area under cultivation and conducive weather, with higher carry-forward stocks also weighing on sentiment. “The trend in chana looks weak because production is seen higher and demand is not supportive,” said an analyst with Angel Commodities. India is likely to harvest 9.79 million tonnes of chickpeas in 2014 as compared with 8.88 million tonnes a year earlier. The April chana contract ended down 0.65 percent at 3,034 rupees per 100 kg on the National Commodity and Derivatives Exchange (NCDEX).

JEERA Cumin seed, or jeera, futures fell on prospects of large crop, favourable weather, and high stocks. The actively-traded jeera contract for March delivery ended down 0.55 percent at 11,757.5 rupees per 100 kg on the NCDEX.

TURMERIC Turmeric futures slipped on Friday but are seen trading up next week on fresh export demand, though expectation of a rise in supplies from the new season crop may cap gains. The most-actively traded turmeric contract for April delivery ended down 0.35 percent at 7,394 rupees per 100 kg on the NCDEX.

GUAR Guar seed futures ended up on some value-buying, though expectation of higher production and large carry-forward stocks could keep prices under pressure next week. The March contract ended up 0.20 percent at 4,990 rupees per 100 kg on the NCDEX.

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