Mumbai, 30 Apr 2024 (Commoditiescontrol):Kabuli chana (kabuli chickpea) prices in Madhya Pradesh's major mandis declined by Rs 100-200 per quintal today, even as superior quality Kabuli arrived in the markets. Increased arrivals weighed on prices as demand remained weak.
Arrivals at Indore Mandi totaled approximately 5,000 bags, exceeding the 4,500 bags from the previous session. Overall, arrivals across Madhya Pradesh's Kabuli growing regions are estimated to reach 28,000-30,000 bags, with an increase of 3,000-5,000 bags compared to earlier trading session.
Market sources indicate that demand from both stockists and exporters is subdued, which limits any potential price increases. Sources express pessimism due to prices not holding at higher levels.
Additionally, export demand remains muted thanks to fierce competition from Mexico and Canada, who are offering better quality Kabuli chana at competitive prices.
Experts anticipate Kabuli prices to trade within a limited range with a negative bias. Ample domestic supply and weak demand due to slow exports are expected to restrict significant price increases. While prices have corrected since the start of the season, downside risk is limited. However, weak demand and abundant supply are likely to cap any major upside, at least until the start of the Indian festival season.
Spot Kabuli chana Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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