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Chana Slips At Major Spot Markets

4 Apr 2020 4:24 pm
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Mumbai (Commodities control) – Chana prices slipped on Saturday, at major markets following weak futures during previous closed and also due to thin trade at prevailing rates as prices may drop once arrivals of crops start coming in local markets.

Meanwhile, activity was reported to be slow due to shortage of labour along with transportation problems amid nationwide lockdown to combat rising number of coronavirus cases.

As per government directive, millers have started crushing raw pulses and are ramping up pulses production and the logistics of getting them to retailers.

However, higher output estimates and nafed holding major stocks will keep prices under check.

Government continues to hold major stocks of Chana at around 14,88,388.3 MT, as On 26th March, 2020.

Chana for April delivery on National Commodity and Derivatives Exchange (NCDEX), settled lower by 1.7 percent or Rs 69 down at Rs 4,079/100kg. Earlier, in the day, the contract hovered in the range of Rs 4,071 and 4,142 on Friday.

Open interest for NCDEX April contract decreased to 9420 lots against 13490 lots.

Similarly, open interest for May contract also down to 15340 lots against 15770 lots.

Open interest of top 10 trading clients in the long side was 12770 MT, whereas the short position of top ten clients was 21700 MT. The net position of top 10 clients was net short by 8930 MT.

Trade is of the view that demand deterioration in poultry products is likely to result in increased consumption of pulses, to compensate for protein requirements. The fear of rapidly spreading Corona virus has halved the consumption of poultry and meats.

Spot Chana Prices In Key Indian Markets:

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

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