RTRS: India chana seen down on arrivals; guar up on demand
India chana futures may open slightly lower on Monday as arrivals are likely to increase in the spot markets, but firm prices of summer sown pulses may cap losses, analyst said.
The April contract NCHJ9 on the National Commodity and Derivatives Exchange (NCDEX) ended at 2,250 rupees per 100 kg in the previous session.
Higher output estimates may also put pressure on prices, they added.
The federal farm ministry last month said output may rise by 13.7 percent to 6.54 million tonnes in 2008/09 compared with 5.75 million tonnes a year ago.
GUAR:
India guar futures may trade higher on Monday on hopes of a rise in exports triggered by a fall in rupee, analysts said.
A weak rupee makes Indian offerings attractive in dollar-denominated global trade.
India controls about 80 percent of the worldwide market for guar products, according to the government trade promotion council for the commodity.
April futures NGUJ9 ended at 1,615 rupees per 100 kg in the previous trading session. (Reporting by Rajendra Jadhav & Sourav Mishra; Editing by Harish Nambiar)