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Pulses Commentary: Chana futures continue downfall with barely any support from demand

26 Oct 2020 6:05 pm
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Mumbai (Commodities Control) – NCDEX Chana Nov 20 futures continue its downfall today closing 63 Rs lower at 5236 Rs/qtl. The prices has fell today as per expectation stated in our previous reports.

We anticipated a move towards 5200/5250 Rs per qtl in most active contract for Chana. Market today achieved our expected levels.

Primary reason for the fall was disproportionate demand in an over supplied market. Although overall stock level for Chana in India remains low but the millers and stockist were overwhelm with available stocks with them with demand not showing equal and opposite reaction.

Consumption is done as the hospitality sectors is still running sleek, roadside vendor still not racked up so besan demand is quitter than usual during the festive season.

However, we expect that the demand might slowly pick up above 5200/5250 Rs /qtl. It is not expected to rise aggressively as happened in previous rally from 5000 to 5500. It is likely to steady rise from current price zone.

NCDEX Chana future is likely to holf above 5200/5250 zone to trade towards 5300/5325 in coming sessions.

(Commodities Control Bureau)

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