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Chana Manages To Close Firm At Major Markets

25 Feb 2020 8:16 pm
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Mumbai (Commodities control) – Both old/new Chana prices traded firm on Tuesday, at major markets, following firm futures, along with weather concerns in Chhattisgarh/MP and millers' buying activity.

Regular demand in Chana dal and besan from wholesale/retailer counters was reported due to cheaper rates compared to White Pea dal, besan, ongoing marriage season and upcoming festival of holi.

Although higher output estimates and NAFED selling its old stock, in selected states, whilst the availability of new domestic Chana will keep a lid on buyer sentiments.

Even Government continues to hold major stocks of old Chana at around 15,60,352.98 MT as On 22nd February, 2020.

However, chana for March delivery on National Commodity and Derivatives Exchange (NCDEX), settled higher by 1.1 percent or Rs 44 up to Rs 3,980/100kg. Earlier, in the day, the contract hovered in the range of 3,946 and 3,988.

Open interest for NCDEX March contract decreased to 14850 lots against 15670 lots.

On the other hand, open interest for April contract increased up to 21990 lots against 21700 lots.

Open interest of top 10 trading clients in the long side was 17050 MT, whereas the short position of top ten clients was 23810 MT. The net position of top 10 clients was net short by 6760 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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