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Chana Traded Mixed in Selective Spot Markets

14 Aug 2020 7:30 pm
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Mumbai (Commodities control) – Chana prices were mixed in a narrow range, as per quality, on Friday, in selected markets amid limited mill buying for immediate crushing requirement.

However, some activity in chana dal and besan has been witnessed. But, overall volume is low as demand continues to suffer from closure of restaurants, small eatery joints, and big retail chains.

Sentiments continue to be under pressure due to Nafed’s liquidation and free distribution of grains every month under PM Garib Kalyan Anna Yojana till November end.

Chana for September delivery on National Commodity and Derivatives Exchange (NCDEX) settled 0.6 percent or Rs 24 higher at Rs 4,308/100kg. Earlier in the day, the contract hovered in the range of Rs 4,262 and 4,309.

Open interest of top 10 trading clients in the long side was 45,070 MT, whereas the short position of top ten clients was 49,150 MT. The net position of top 10 clients was net short by 4080 MT.

Open interest for August contract decreased to 7360 lots against 9670 lots.

Similarly, Open interest for September contract also down to 72,700 lots against 73,230 lots.

On other hand, Open interest for October contract increased to 13,790 lots against 12,980 lots.
Chana stocks at NCDEX accredited warehouses stood at 64,980 metric tonnes as on 13th August, down from 66,370 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 the MSP of Rs 4,875.

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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