Login ID:
Partner Login
Contact Us : 7066511911

New Chana Ended Mixed At Major Markets,Old Chana Firm

28 Feb 2020 9:32 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai (Commodities control) – New Chana prices traded mixed for third straight day on Friday, at major markets. On the other hand, Old Chana traded firm at selective markets on mills buying activity.

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

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 has lead to steady demand, so far.

On the other hand, Government continues to hold major stocks of old Chana at around 15,57,989.85 MT, as On 26th February, 2020.

Chana for March delivery on National Commodity and Derivatives Exchange (NCDEX), settled weak by 0.2 percent or Rs 6 lower at Rs 3,969/100kg. Earlier, in the day, the contract hovered in the range of 3,920 and 4,034.

Open interest for NCDEX March contract increased to 17180 lots against 14780 lots.

Similarly, open interest for April contract also up to 25330 lots against 23500 lots.

Open interest of top 10 trading clients in the long side was 17690 MT, whereas the short position of top ten clients was 25280 MT. The net position of top 10 clients was net short by 7590 MT.

Chana stocks at NCDEX accredited warehouses were reported to be 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 price will take its cues from Government's stock liquidation; to make space for fresh procurement of new crop. Meanwhile, medium-term outlook for chana is bearish.

Market expects chana prices to collapse by 10% in a month's time. Thus, 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)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
CBoT Soybean Drops To 2-Wk Low On Demand Concerns; Down...
BMD CPO Tumbles 5.6% For The Week On Rising Demand Conc...
Soy Complex – Soybeans (CBT) – Weak Price Trend / Poise...
Soy Meal (CBT) – Retesting Short-term Support at 309 / ...
Soy Complex – Soybean Oil (CBT) – Weak Price Trend / Ne...
Top 5 News
ICE Raw Sugar Settles Flat Supported By Rally In Energ...
ICE Cotton Ends With Triple Digit Gains; Marks 4th Con...
CBoT Soybean Drops To 2-Wk Low On Demand Concerns; Down...
BMD CPO Tumbles 5.6% For The Week On Rising Demand Conc...
Rates Of Branded Processed Pulses Traded At Mumbai APMC...
Top 5 Special Reports
USD/INR (Apr. ’20) – Inflection Point: Testing a Short-...
USD/INR (Apr. ’20) – Pullback Underway / Testing a Shor...
Copyright © CC Commodity Info Services LLP. All rights reserved.