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  Chana snaps gaining streak; guar steady
http://economictimes.indiatimes.com/ 07122010
MUMBAI: Chana futures snapped a three-day gaining streak on Friday afternoon on a slight drop in demand and as good rainfall over kharif pulses
growing areas accelerated sowing, analysts said.

"The deficit in monsoon rains has been coming down. Rainfall has accelerated sowing of kharif pulses in major growing area," said Ashwini Bansod, a senior analyst at MF Global Commodities India. India's annual monsoon rains were 2 percent above normal in the week to July 7, sources in the weather office said on Thursday.

Industry officials last month told Reuters, farmers are likely to expand cultivation of kharif pulses by 15-20 percent in ongoing season. The August chana futures contract on the National Commodity Derivatives Exchange (NCDEX) was down 0.78 percent at 2,281 rupees per 100 kg.

In the Delhi spot market, chana fell by 12 rupees to 2,200 rupees per 100 kg. Demand for chana dal and flour usually goes up during monsoon months as supply of vegetables drops in wet weather. According to the third advance estimates, the production of chana in 2009/10 is likely to be 7.38 million tonnes against the actual production of 7.05 million tonnes last year.

GUAR: India's guar futures were steady as good demand for guar gum and thin arrivals in physical market offset pressure of profit-taking driven by pick up in guar seed sowing, analysts said. "Farmers and stockists are not ready to liquidate their stocks at lower levels," said an analyst at Angel Commodities Broking Pvt Ltd.

Sowing in guar seed has picked up in northern state of Rajasthan, India's top producer, following widespread rains during the past week, a state government official told Reuters on Friday. The most-traded August guar seed on NCDEX was down 0.04 percent at 2,406 rupees per 100 kg. In the Jodhpur spot market in Rajasthan, guar seed eased by 10 rupees to 2,311 rupees per 100 kg.

Other Headlines
Chana snaps gaining streak; guar steady
Chana extends gains on demand; guar eases
Chana rises on demand; guar on bargain buying
Chana futures decline on sluggish demand
Chana softens on sluggish demand
                
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