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Chana Eases in Selective Spot Mkts, Sowing Higher 3.49%

15 Jan 2021 8:44 pm
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Mumbai (Commodities control) – Chana prices eased by Rs 25-100/100kg, as per quality, on Friday, in selected markets amid thin mill buying.

Demand and sale counter in Chana dal-besan reported dull.

Regular changes in Nafed selling base prices and NCDEX future market pressurised the spot prices.

Moreover, sowing is progressing well and was 3.49% higher at 109.14 lakh Ha on Jan 13 Vs 105.46 lakh Ha in the similar period last year.

Nafed is also seeking to sell the Chana stocks.

Arrivals of new chana expected to hit spot market soon.

We expect demand to emerge at lower levels. Key point in favour of more buying in spot is majority of millers are currently at lower end of stocks due to end of seasons and massive fall in prices.

Chana for March delivery on National Commodity and Derivatives Exchange (NCDEX) settled tad up or Rs 3 higher at Rs 4,450/100kg. Earlier in the day, the contract hovered in the range of Rs 4,392 and 4,452.

Open interest of top 10 trading clients in the long side was 15990 MT, whereas the short position of top ten clients was 19170 MT. The net position of top 10 clients was net short by 3180 MT.

Open interest for January contract decreased to 1,340 against 2,510 lots.

On other hand, Open interest for March contract increased to 34,030 against 33,190 lots.

Similarly, Open interest for April contract also up to 1,280 against 910 lots.

Chana stocks at NCDEX accredited warehouses stood at 7987 metric tonnes as on 14th January, similar 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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