Chana futures fell Saturday on profit booking by the speculators on the back of subdued demand in the physical markets.At NCDEX chana November contract is trading at Rs.3440 per quintal, lower by 0.55 per cent on 11.35 AM against the previou close.
In the morning session the contract traded at a range of Rs.3435-3468 per quintal. Open interest of the contract is 92160lots for the time being.
Government announced Support price for Rabi crops on 25th October 2011. Chana MSP has been raised by Rs.700/qtl to Rs.2,800/qtl a rise of 38%. Higher base price coupled with remunerative returns earned by the farmers during the last year is likely to boost area under Chana cultivation in 2011-12 season.
As per the latest release of the Rajasthan Agriculture department, 8.33 lakh hectares has been covered under Chana cultivation as on 01st November 2011 as compared to 5.05 lakh hectares in the same period previous year.
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