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Chana Traded Weak in Major Spot Markets

26 Oct 2020 9:10 pm
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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)

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