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Chana Extend Rise in Major Mkts Tracking Firm Futures

7 Aug 2020 7:51 pm
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Mumbai (Commodities control) – Chana prices extended rise by Rs 25-100/100Kg, as per quality, on Friday, in major markets following firm cues from futures and improved mill buying at prevailing rates on immediate requirement for crushing.

Meanwhile, arrivals of seasonal domestic Chana is less. Millers were facing difficulty in getting good quality Chana for crushing. Nafed is not interested in liquidating its stock below Rs 4,500/100Kg.

The overall demand in spot markets is firm and is expected to increase in coming weeks as the economy comes out of the lockdown. The overall demand normally sees a spurt around this time of the year as festive season approaches.

In Mumbai, Tanzania origin Chana went up Rs 150 at Rs 4,275/100Kg.

Similarly, Russia Kabuli Chana gained Rs 100 at Rs 4,325/100Kg.

In forward business, Tanzania Chana traded at $545 per ton in container on CNF basis for July-August shipment.

Chana for August delivery on National Commodity and Derivatives Exchange (NCDEX) settled 1.2 percent or Rs 48 higher at Rs 4,210/100kg. Earlier in the day, the contract hovered in the range of Rs 4,165 and 4,234.

Open interest of top 10 trading clients in the long side was 48270 MT, whereas the short position of top ten clients was 49390 MT. The net position of top 10 clients was net short by 1120 MT.

Open interest for August contract decreased to 20180 lots against 27670 lots.

On the other hand, Open interest for September contract increased to 77770 lots against 67110 lots.

Similarly, Open interest for October contract also up to 9030 lots against 6380 lots.

Chana stocks at NCDEX accredited warehouses stood at 72332 metric tonnes as on 6th August, up from 72262 metric tonnes in the previous session, the exchange data showed.

As per market talk, current chana prices are attractive for millers/traders due to cheaper pulses and reduced arrivals. Even consumption is likely to increase in coming days due to commencement of festive period until Diwali. Meanwhile, prices in spot markets traded much below MSP of Rs 4,875.

Spot Chana Prices In Key Indian Markets:

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

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