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New Chana Ended Mixed At Major Markets,Old Chana Firm

28 Feb 2020 9:32 pm
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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)


       
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