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Chana Firm At Selective Markets

29 May 2020 6:45 pm
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Mumbai (Commodities control) – Chana prices were traded firm on Friday at selective markets on millers buying activity at lower rates to meet their immediate requirement for crushing.

Increased Pace of Chana procurement by government agency at MSP had supported the prices.

Madhya Pradesh Government raised the procurement deadline for Chana, Masur and Mustard crops, from farmers at MSP, to 10th June. Prior to it, the last date for procurement of the crops was 30th May.

As on May 27, 2020, NAFED has procured 903963.15 MT of Chana at Minimum Support Price of Rs 4,875.

As per market sources, arrivals in domestic markets are likely to slow down, as farmers prefers to sell to government agency at MSP, instead of selling in open markets at lower rates. This is the reason due to which, millers aren't getting enough supplies of raw Chana for crushing.

Although demand for chana dal and besan was lukewarm at wholesale/retail counters due to availability of sufficient stock.

NAFED's stock liquidation at selected states, stock holding and higher output estimates will contiue to weigh on prices.

Chana for June delivery on National Commodity and Derivatives Exchange (NCDEX) settled 0.9 or Rs 37 weak at Rs 4,103/100kg. Earlier in the day, the contract hovered in the range of Rs 4,095 and 4,155.

Open interest of top 10 trading clients in the long side was 25990 MT, whereas the short position of top ten clients was 32180 MT. The net position of top 10 clients was net short by 6190 MT.

Open interest for NCDEX June contract decreased to 26620 lots against 27100 lots.

On other hand, open interest for July contract increased to 25820 lots against 22560 lots.

Chana stocks at NCDEX accredited warehouses stood at 14002 metric tonnes as on 28th May, up from 13288 metric tonnes in the previous session, the exchange data showed.

Spot Chana Prices In Key Indian Markets:

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

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