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Chana Traded Mixed in Major Spot Markets

27 Oct 2020 9:26 pm
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Mumbai (Commodities control) – Chana prices traded mixed, as per quality, on Tuesday, in major markets amid thin mill buying and supply of Chana/Kabuli Chickpea from overseas.

However, Chana futures settled higher today due to break in release of port peas stocks. But the key driver will be demand for besan and dals which is not picking up as yet.

NAFED has suspended all Chana sell auctions till further notice.

Chana for November delivery on National Commodity and Derivatives Exchange (NCDEX) settled 1.5 percent or Rs 79 higher at Rs 5,322/100kg. Earlier in the day, the contract hovered in the range of Rs 5,235 and 5,333.

Open interest of top 10 trading clients in the long side was 29510 MT, whereas the short position of top ten clients was 32790 MT. The net position of top 10 clients was net short by 3280 MT.

Open interest for November contract decreased to 51580 lots against 52270 lots.

On other hand, Open interest for December contract increased to 20000 lots against 16510 lots.

Chana stocks at NCDEX accredited warehouses stood at 40872 metric tonnes as on 26th October, up from 40771 metric tonnes in the previous session, the exchange data showed.

As per our analyst, today the rebound in market was in reflection to our view and buying came in at lower prices. With stocks already depleted prices towards 5250 levels were considered as bargain buy. NCDEX Chana futures are likely to stay above 5250/5300 levels to trade towards 5350/5400 in coming sessions.

Spot Chana Prices In Key Indian Markets:

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

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