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Chana Drops in Major Spot Markets Amid Sowing Progress, Weak Futures

4 Dec 2020 9:17 pm
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Mumbai (Commodities control) – Chana prices extended fall by Rs 50-100/100kg, as per quality, on Friday, in major markets following weak cues from futures and thin mills buying activity as demand and sale counter in dal-besan reported dull.

According to latest sowing progress report for the rabi chana, pace is 16.22% higher as compared to same period last year. As of 2nd Dec total sowing completed was 82.18 lakh Ha for 2020-21.

Expectation of heavier crop ahead have turned the sentiments bearish for Chana.

Resellers were active to liquidate Nafed procured Chana stock of Crop 2019 & 2020.

Production of Australia Chickpea is forecast to increase by 162% to 7.37 lakh tonnes during the year 2020-21, according to ABARES crop report December 2020. Similarly, area planted to chickpeas is forecast to increase by 89% to 498,000 hectares.

Chana sowing in Rajasthan up nearly 1.38% this season till December 3, 2020, according to state agriculture department.

Chana for December delivery on National Commodity and Derivatives Exchange (NCDEX) settled 1.6 percent or Rs 77 lower at Rs 4,771/100kg. Earlier in the day, the contract hovered in the range of Rs 4,760 and 4,867.

Open interest of top 10 trading clients in the long side was 32190 MT, whereas the short position of top ten clients was 21260 MT. The net position of top 10 clients was net long by 10930 MT.

Open interest for December contract decreased to 25,890 lots against 28,760 lots.

On other hand, Open interest for January contract increased to 38,640 lots against 33,400 lots.

Chana stocks at NCDEX accredited warehouses stood at 28153 metric tonnes as on 3rd December, up from 27761 metric tonnes in the previous session, the exchange data showed.

Spot Chana Prices In Key Indian Markets:



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


       
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