7/18/2012 11:51:00 AM
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Chana Future News
Chana, which had touched a new high on Monday with its prices going as high as Rs 5,050 a quintal, declined to Rs 4950 a quintal on Tuesday. This was caused by profit booking at the higher rate.
Chana (desi) on the other hand ruled at Rs 4,800 a quintal. With the monsoon turning weak over Madhya Pradesh and elsewhere in the country, depleting stock of domestic chana have made stockists go on buying spree, anticipating a further rise in chana prices. The higher price of imported Australian chana at the Mumbai port, which was quoted at Rs 5,100 a quintal, also added to the bullish trend in chana.
Turmeric Updates
Turmeric futures on the National Commodity and Derivatives Exchange Ltd gained 0.22 per cent to Rs 5,278 a quintal. Consistent profit-booking at higher levels capped major gains.
Reports of rainfall at Nizamabad in Andhra Pradesh and parts of Tamil Nadu may benefit the upcoming turmeric crop. This development may lead to a fall in prices.
Overall, turmeric output this year is expected to fall by 30 per cent due to lower rains in growing regions. The area under cultivation may also come down as farmers shift acreage to other remunerative crops.
Cotton Price Updates
The price of cotton is dropping as traders worry that slower economic growth will reduce consumers' demand for clothes and other goods made from the fiber.
Cotton for December delivery dropped 2.25 cents, or 3.1 percent, Tuesday finish at 71.05 cents per pound.
The price has fallen nearly 29 percent in the past 12 months as traders worry that consumers may cut their spending on cotton products. Economic growth has slowed in the U.S. and China and some European countries are sliding into recession.
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