CHANA SURGES ALMOST 1% ON WEAK SOWING OF KHARIF PULSES
DATE: 02/07/2012
| Buoyancy continued in chana market due to weak sowing progress of kharif pulses along with bullish trend in imported pulses. The NCDEX Chana futures spurted by almost R 40 per quintal today. As per latest data release by Ministry of Agriculture, the total sowing acreage of pulses as on 28th June 2012 reported at 3.90 lakh hectares , down 34% from the last year in the same period. This was mainly due to deficit rainfall in major producing states so far in the current monsoon season. The latest Indian Meteorological Department data revealed that India has so far received cumulative rainfall of 119 mm for the June 1-30 period, down 31% from the last year. Traders mentioned that strong millers in the domestic market due to higher prices of imported pulses prompted the strong gains in chana futures. The spot prices of Australian chana were trading at R 4600-4650 per quintal while domestic chana prices were trading in the range of R 4600-4650 per quintal at Delhi mandi. Consequently, the NCDEX Chana July futures gained by almost R 40 per quintal to currently trade at R 4400 per quintal. |
POWERED BY: COMMODITY INSIGHTS
www.goldennifty.com
No comments:
Post a Comment