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Chana Weakens At Selective Spot Markets

11 Aug 2020 7:36 pm
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Mumbai (Commodities control) – Chana prices traded weak in a narrow range. The commodity slipped by Rs 25-50/100kg, as per quality, on Tuesday, in selected markets following weak cues from futures, cautious mill buying.

Moreover, demand in chana dal and besan from consumption centres was reported to be thin today.

Sentiments was dampened on unconfirmed report that Nafed sold procured new Chana at Rs 4,400/100Kg in Maharashtra.

Chana for September delivery on National Commodity and Derivatives Exchange (NCDEX) settled 0.2 percent or Rs 8 down at Rs 4,248/100kg. Earlier in the day, the contract hovered in the range of Rs 4,220 and 4,259.

Open interest of top 10 trading clients in the long side was 47550 MT, whereas the short position of top ten clients was 55790 MT. The net position of top 10 clients was net short by 8240 MT.

Open interest for August contract decreased to 13940 lots against 16370 lots.

On other hand, Open interest for September contract increased to 78850 lots against 77600 lots.

Similarly, Open interest for October contract firmed to 11650 lots against 11640 lots.

Chana stocks at NCDEX accredited warehouses stood at 70517 metric tonnes as on 10th August, down from 72381 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.

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.

Spot Chana Prices In Key Indian Markets:

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

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