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New Chana Gain In kar/Mah; Old Chana Weak At Selective Markets

18 Feb 2020 10:07 pm
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Mumbai (Commodities control) – New Chana prices moved higher on Tuesday, at Karnataka and Maharashtra on millers buying support.

On other hand, old Chana traded weak at selective market amid cautious buying by millers at higher rates.

NAFED is selling its old stock, in selected states, while availability of new domestic Chana is pressuring sentiments.

Government continues to hold major stocks of old Chana at around 15,99,065.33 MT as On 15th February, 2020.

The demand for chana dal and besan from consumption centres was reported to be limited.

As per market sources, NAFED has liquidated around 31,509 MT of old Chana in Madhya Pradesh from 10th Feb to 18th Feb and nearly 32,168 MT in Rajasthan.

As per 2nd Advance Estimates, the estimated production of Rabi Chana during 2019-20 is 11.22 Million Tonnes V/s 9.94 Million Tonnes achieved during 2018-19.

Chana for March delivery on National Commodity and Derivatives Exchange (NCDEX), settled weak by 0.6 percent or Rs 23 down to Rs 4,062/100kg. Earlier, in the day, the contract hovered in the range of 4,031 and 4,105.

Open interest for NCDEX March contract decreased to 17610 lots against 20050 lots.

On other hand, open interest for April contract increased to 21440 lots against 20970 lots.

Open interest of top 10 trading clients in the long side was 17700 MT whereas the short position of top ten clients was 25240 MT. The net position of top 10 clients was net short by 7540 MT.

Chana stocks at NCDEX accredited warehouses reported nil.

As per market view, millers' purchase follows their immediate requirement for crushing. Market sees sellers on the sidelines as prices of new Chana traded below MSP, of Rs 4,875/100Kg.

Government is likely 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.

Spot Chana Prices In Key Indian Markets:

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

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