Login ID:
Password:
Partner Login
Contact Us : 7066511911

Chana Traded Weak in Major Spot Markets

26 Oct 2020 9:10 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai (Commodities control) – Chana prices traded lower Rs 25-100/100Kg, as per quality, on Monday, in major markets following weak cues from futures, thin mill buying and supply of Chana/Kabuli Chickpea from overseas.

Moreover, some containers of imported White pea stuck at port was released at Mumbai after Penalty.

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, NAFED has suspended all Chana sell auctions till further notice.

Chana for November delivery on National Commodity and Derivatives Exchange (NCDEX) settled 1.2 percent or Rs 63 lower at Rs 5,236/100kg. Earlier in the day, the contract hovered in the range of Rs 5,228 and 5,310.

Open interest of top 10 trading clients in the long side was 31040 MT, whereas the short position of top ten clients was 33110 MT. The net position of top 10 clients was net short by 2070 MT.

Open interest for November contract decreased to 52270 lots against 54570 lots.

On other hand, Open interest for December contract increased to 16510 lots against 14860 lots.

Chana stocks at NCDEX accredited warehouses stood at 40771 metric tonnes as on 25th October, up from 40659 metric tonnes in the previous session, the exchange data showed.

As per market talk, Chana prices are likely be underpinned at lower rates as demand might slowly pick up. It is not expected to rise aggressively as happened in previous rally, but it is likely to steady rise from current price zone. Negligible overseas supplies of White Pea will likely support Chana prices further.

Spot Chana Prices In Key Indian Markets:



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


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Market Commentary
Palm Complex – CPO (Feb ‘21) — Counter-trend Decline / ...
Steep fall in Mustard seed, Oil Prices as Government In...
Soy Complex – Soybeans (CBT) – Consolidating Near 52-Wk...
Soy Meal (CBT) – Poised for More Upside / Next Target a...
Soy Complex – Soybean Oil (CBT) – Testing Short-term Su...
more
Top 5 News
BMD CPO close +112 RM up on pumped Indian buying
Chana futures closed flat with demand shows up on lower...
Soybean futures to trade up on bargain buy at lower pri...
Comex Gold Faces Worst Week in 2 Months as Vaccine Opti...
Zinc Social Inventories Shrank 2,700 MY on Week
Top 5 Special Reports
USD/INR (Dec ‘20) – Bearish Price Trend / May Retest Se...
USD/INR (Dec ‘20) – Bearish Price Trend / More Downside...
USD/INR (Dec ‘20) – Bearish Price Trend / More Downside...
USD/INR (Nov ‘20) – Consolidating Near Key Support (74....
USD/MYR—
Copyright © CC Commodity Info Services LLP. All rights reserved.