Mumbai, 23 May 2024 (Commoditiescontrol): Chana prices in the primary markets are on an upward trajectory for the third consecutive session, propelled by robust buying activity and constrained supply. The surge in prices of desi gram over the last three trading sessions is attributed to heightened purchasing by dal millers.
However, profit booking at higher levels triggered a downtrend in Delhi during the evening session. Prices for both Rajasthan and Madhya Pradesh lines experienced a decline of Rs 50/25 per quintal after reaching a seven-year high.
While mandi prices in Rajasthan remained relatively stable, slight increases were reported in Lalitpur and Amravati due to inactive sellers and a shortage of supplies. Markets in Madhya Pradesh, along with some in Maharashtra, remained closed for Buddha Purnima.
Experts highlight the decline in Chana production this season, leading to reduced sales by large farmers and stockists. Conversely, small stockists are actively buying in the markets. The weak arrival of Chana in mandis has depleted supplies, causing challenges for pulse mills in sourcing desi gram and driving up local Chana prices.
However, it's important to note that India's Chana (chickpea) arrivals typically begin in February and March in Karnataka and Gujarat, while arrivals in major producing states like Rajasthan, Madhya Pradesh, and Maharashtra start in March. On average, three months of arrivals have taken place, accounting for approximately 30-40% of total production(Around 30 lakh tones if we consider production to be around 80 lakh tones). This indicates that ample stock remains with farmers and stockists, who are holding onto their Chana stocks in anticipation of higher prices once the government initiates buying at the Minimum Support Price (MSP). Additionally, the ample supply of matar (field peas) in the domestic market will likely limit any significant price increases from current levels.
Analysts predict a forthcoming decline in prices as profit-taking occurs following the seven-year peak. With prices having risen by Rs 1,000-1,200 per quintal in a month, profit realization seems imminent in the near future.
Spot Chana Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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