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Chana/Chana Dal Extend Gains in Major Spot Markets

23 Sep 2020 8:55 pm
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Mumbai (Commodities control) – Chana prices strengthened Rs 50-200/100Kg, as per quality, on Wednesday, in major markets following firm cues from futures and mill buying activity to meet their immediate requirement for crushing.

Chana futures settles almost 3% upper circuit due to depleting Chana procured stock with Nafed. Moreover, Nafed distributing Chana through (PMGKAY) and also likely to allocate 3 lakh tonnes for buffer stock.

Cabinet Approves MSP for Rabi Chana by Rs 225 to Rs 5,100/100Kg for MY 2021-22.

Meanwhile good demand in chana dal and besan from consumption centres continues to support the pulse price.

Nafed has been active at liquidating stocks at higher rate and rejected bids of lower rates.

Chana for October delivery on National Commodity and Derivatives Exchange (NCDEX) settled 3 percent or Rs 154 higher at Rs 5,299/100kg. Earlier in the day, the contract hovered in the range of Rs 5,150 and 5,299.

Open interest of top 10 trading clients in the long side was 27710 MT, whereas the short position of top ten clients was 38240 MT. The net position of top 10 clients was net short by 10530 MT.

Open interest for October contract increased to 60540 lots against 59890 lots.

Similarly, Open interest for November contract also up to 14320 lots against 12990 lots.

Chana stocks at NCDEX accredited warehouses stood at 38354 metric tonnes as on 22nd September, unchanged from the previous session, the exchange data showed.

As per market talk, Chana prices are likely be underpinned as consumption may continue amid festive season. Negligible overseas supplies of White Pea may support Chana prices further. However, supply of Kabuli Chickpea witnessed, but parity is higher.

Demand of seeds for sowing is also expected as rabi sowing will be began from October.

Spot Chana Prices In Key Indian Markets:

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

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