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Chana Carried Loses To The Closing Session At Major Markets

24 Feb 2020 8:33 pm
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Mumbai (Commodities control) – Both old/new Chana prices continued to widen losses at major market on Monday, following weak futures market, higher output estimates and cautious buying by millers.

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

However, regular demand for chana dal and besan from consumption centres has been 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 15,61,582.98 MT as On 20th February, 2020.

Chana for March delivery on National Commodity and Derivatives Exchange (NCDEX), settled weak by 0.5 percent or Rs 18 down to Rs 3,953/100kg. Earlier, in the day, the contract hovered in the range of 3,920 and 3,994.

Open interest for NCDEX March contract decreased to 15670 lots against 15960 lots.

On the other hand, open interest for April contract increased up to 21700 lots against 20960 lots.

Open interest of top 10 trading clients in the long side was 16010 MT, whereas the short position of top ten clients was 23520 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. Government is likely to raise its procurement target 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 to make space for fresh procurement and quantity of new crop procurement. Meanwhile, medium-term outlook for chana is bearish. Sell on rise is reckoned to be the best strategy for trade.

Spot Chana Prices In Key Indian Markets:

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

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