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Raw/Processed Chana Extends Gain in Spot Markets

17 Feb 2020 8:44 pm
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Mumbai (Commodities control) – Chana prices extended gains on Monday, at major markets, following firm futures and millers' buying activity.

Regular demand in Chana dal and besan from wholesale/retailer counters was reported to be good due to ongoing marriage season.

Millers' purchase follows their immediate requirement for crushing. Market sees sellers on the sidelines at lower rates as prices of new Chana traded below MSP, of Rs 4,875/100Kg. Market expects Government to procure large quantities of Chana at MSP this year due to bumper crop. Arrival pressure of new domestic Chana will be witnessed after holi in Maharashtra, Madhya Pradesh and Rajasthan. Chana prices will depend on Government's stock liquidation and quantity of new crop procurement. However, sell on rise will be ideal strategy for trade.

Meanwhile sentiments continue to be under pressure as NAFED is selling its old stock, in selected states, while there's availability of new domestic Chana.

As per market sources, NAFED has liquidated around 22,679 MT of old Chana in Madhya Pradesh from 10th Feb to 17th Feb and nearly 26,318 MT in Rajasthan.

Gujarat Will Buy 1,14,992 MT Chana From March 1st through i-PDS Portal. Buying Will Also Take Place At 95 APMCs.

Chana for March delivery on National Commodity and Derivatives Exchange (NCDEX), settled higher by 1.2 percent or Rs 50 up to Rs 4,092/100kg. Earlier, in the day, the contract hovered in the range of 4,045 and 4,110.

Open interest for NCDEX March contract decreased to 20050 lots against 21230 lots.

On other hand, open interest for April contract increased to 20970 lots against 19670 lots.

Open interest of top 10 trading clients in the long side was 16460 MT, whereas the short position of top ten clients was 25340 MT. The net position of top 10 clients was net short by 8880 MT.

Chana stocks at NCDEX accredited warehouses reported nil.

Spot Chana Prices In Key Indian Markets:

(By Commoditiescontrol Bureau: +91-22-40015513)

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