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Old/New Chana Declines At Major Markets

19 Feb 2020 8:22 pm
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Mumbai (Commodities control) – Both old/new Chana prices declined at major market on Wednesday. Weak Futures market, higher output estimates and cautious buying by millers is weighing upon the prices.

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

However, regular demand for chana dal and besan from consumption centres was reported due to ongoing marriage season and cheaper rates compared to White Pea dal, besan.

Government continues to hold major stocks of old Chana at around 15,83,106.33 MT as On 17th February, 2020.

NAFED has procured 299.55 MT Chana at MSP of Rs 4,875/100Kg, In Andhra Pradesh, as On Feb 17, 2020.

In Mumbai, Tanzania-origin Chana declined by Rs 25 to be quoted at Rs 4,075. While Burma origin chana lost Rs 50 to trade at Rs 3,850/100Kg.

Ethiopia/Sudan/Russia/Burma origin kabuli chana dropped, each, by Rs 25-50/100kg at the Mumbai due to dull trade activity. Liquidity crunch owing to lesser interest shown by besan flour millers and weak trend in Chana prices are weighing on Imported Kabuli Chana prices.

Chana for March delivery on National Commodity and Derivatives Exchange (NCDEX), settled weak by 0.9 percent or Rs 35 down to Rs 4,021/100kg. Earlier, in the day, the contract hovered in the range of 4,012 and 4,055.

Open interest for NCDEX March contract decreased to 16460 lots against 17610 lots.

Similarly, open interest for April contract also down to 20450 lots against 21440 lots.

Open interest of top 10 trading clients in the long side was 16830 MT whereas the short position of top ten clients was 24340 MT. The net position of top 10 clients was net short by 7510 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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