Chana to stay firm

COMMODITY SPIKES

Chana futures did not show weakening signs last week and commodity analysts expect the coming week to be equally firm on the back of continuing festive demand. The market crossed the Rs 2,400 mark and at one time was ruling above Rs 2,431 a quintal. Prices ruled firm on the spot market also due to continual demand.

Arrival in the Delhi market (main consumption centre) remained around 350 tonnes a day. Domestic crop is expected in February 2008. On the Ncdex, the November futures, which saw volatility on the upper side, closed flat on the weekend at Rs 2,396.

If the market trend for December futures (which is trading above Rs 2,400 level) is any indication, firmness in chana will last for some time. Last week, the December futures closed at Rs 2,404 a quintal, against the previous week's close of Rs 2,383, up Rs 21.