Mumbai (Commodities Control) – NCDEX Chana futures today stayed flat, closed 1 Rs lower at 5168 Rs/Qtl.
After announcing new guidelines for participating in NAFED tender yesterday, there were no bids for any state in today’s auction.
The unprecedented response from market for expected as there’s a huge gap in NAFED’s base prices and spot market prices.
For instance, Chana spot Madhya Pradesh is offered today at 5100 Rs/Qtl while NAFED Indore base price was 5300 Rs/Qtl. Hence, spot prices have to go up by atleast 300 Rs/Qtl to attract any sort of buying through tenders.
Similar response was visible in futures market where prices remain stagnant today with no action. Demand in physical spot market is discouraging as due to multiple lock down announcements, besan demand is lower.
NCDEX Chana futures are likely to stay above 5150/5200 Rs/Qtl and trade in range of 5150/5250 Rs/Qtl in coming session.
(Commodities Control Bureau)
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