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Imported Chickpeas End Weaker In Mumbai Following Steep Decline In Chana Futures

20 Jan 2020 5:43 pm
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Mumbai (Commodities control) – All-origin chickpeas fell up to Rs 100 during the closing session in Mumbai on Monday. Weakness in futures and spot Chana weighed on imported chickpeas throughout the session. Steady arrivals and limited purchases kept lid on price rise. While rising acreage mars any chance of rise in Kabuli Chana prices.

At Mumbai pulses market, Ethiopia and Tanzania-origin chickpea lost Rs 100 each to settle at Rs 4050 and Rs 4150, respectively. Sudan Kabuli ended Rs 75 lower at Rs 4150, while Russia and Burma Kabuli settled at Rs 4100 and Rs 4000 respectively, down Rs 50 each.

Hefty declines were seen on futures platform from the opening session onwards. Meanwhile, Chana for March delivery on National Commodity and Derivatives Exchange (NCDEX) slipped 2.77% or Rs 118 to settle at Rs 4,145/100kg. The contract marked day’s low at Rs 4125.

Sentiments are constantly under pressure due to progress in Rabi Chana sowing and Government holding major stocks. So far the sowing was reported to be up 10% from last year same period.

Even steady arrivals of new domestic Chana are witnessed in selected markets of Karnataka and Maharashtra that will continue to pressurize chana prices in short term.

As per market sources, buyers will continue to be on the sidelines in anticipation of lower prices. For that matter demand in chana dal and besan from wholesaler, retailer counters has been reported slack.

In the past week rainfall was reported, in many markets of Madhya Pradesh and Uttar Pradesh.

The market will keep an eye on the Jaipur High Court hearing that has now been postponed to 27th January 2020, from 20th January. This hearing has already faced postponement multiple times Since 19th December 2019.

(Commodities Control Bureau)

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