Rising stocks in warehouses, coupled with sluggish demand and expectations of increasing arrivals in the coming days, kept chana prices low. Chana supplies since the past one year have been ample, due to bumper chana output in FY12-13. For FY13-14, the government has estimated record output of at 9.79 million tonnes in the ongoing rabi season. Chana futures on the NCDEX declined by 4.26% to Rs3,081/quintal for the week ending 10th April.
Crude oil futures price on the MCX jumped by 4.73% to Rs6,246/barrel on 11th April from Rs5,964/barrel on 2nd April. Even as total crude inventories continue to climb, demand seems to have improved as consumption rose last week. US crude stocks increased by 4.03 million barrels according to the weekly report released on 9th April. Libya delayed resuming oil exports from two ports and Chinese oil imports in Q1CY14 were 8.3% higher compared to those in Q1CY13.
Cotton declined sharply, due to weak overseas markets. India is estimated to export around nine million bales less cotton this year, due to expected drop in demand from the largest consumer, China. Recent cancellation of export deals to China has created negative sentiments across cotton markets. April futures prices of cotton on the MCX declined by 2.61% to Rs19,770/bale for the week ended 10th April.