Chana rise due to spot demand

Posted By: Religare
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Chana rise due to spot demand
Yesterday, the prices of chana for the July contract rose by Rs 12, or 0.46%, to Rs 2,642 per quintal, with an open interest of 230,640 lots at the National Commodity and Derivatives Exchange (NCDEX) since fresh holdings were created by the traders with the expectation of a pick up in the demand in the rainy season.

The chana for the June contract also gained Rs 11, or 0.43%, to Rs 2,563 per quintal in 84,330 lots at the NCDEX.

Moreover, the restricted supply from the growing regions and the higher buying activity by the traders also supported the prices.

Chickpea or chana is a very important pulse crop that grows as a seed of a plant named Cicer arietinum in the Leguminosae family. It contains 25% proteins, which is the maximum provided by any pulse and 60% carbohydrates.

India is the largest producer of chickpea followed by Pakistan, Turkey and Iran. India produces around 6 to 8 million tonnes and contributes around 70% of the total world production.

Chickpea is the most largely produced pulse crop in India accounting to a share of 40% of the total pulse production.

The domestic demand of chickpea is so large that after it being the largest producer of chana, India is also the largest importer of chana in the world.

Read more about: commodities, chana, futures, pulses, ncdex
Story first published: Tuesday, June 14, 2011, 13:30 [IST]
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