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Chana Gains in Selective Spot Markets; NCDEX Chana Headed Higher

30 Sep 2020 8:28 pm
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Mumbai (Commodities control) – Chana prices gained Rs 25-100/100Kg, as per quality, on Wednesday, in selected markets following firm cues from futures, mill buying activity and declining stocks with NAFED.

However, limited demand in chana dal and besan was reported from consumption centres today.

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 2 percent or Rs 108 higher at Rs 5,512/100kg. Earlier in the day, the contract hovered in the range of Rs 5,385 and 5,530.

Open interest of top 10 trading clients in the long side was 27770 MT, whereas the short position of top ten clients was 36300 MT. The net position of top 10 clients was net short by 8530 MT.

Open interest for October contract decreased to 40820 lots against 44100 lots.On other hand, Open interest for November contract increased to 33850 lots against 28080 lots. Open interest for December contract down to 2400 lots against 2440 lots.

Chana stocks at NCDEX accredited warehouses stood at 38384 metric tonnes as on 29th 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. Depleting procured chana stock with Nafed, negligible overseas supplies of White Pea will likely support Chana prices further. However, supply of Kabuli Chickpea witnessed, but parity is higher.

Fundamentally Chana stocks are in a tight situation, hence with any trigger in demand prices are going to rise. We expect NCDEX Chana prices to trade in Rs 5450 - 5550 zone in the coming session.

Demand of seeds for sowing is expected to rise as rabi sowing begins from October. As per market sources, sowing has began in some places of Andhra Pradesh.

Spot Chana Prices In Key Indian Markets:

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

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