Mumbai (Commodities Control) – NCDEX Chana most active contract rose 10 Rs per Qtl to 4440 Rs per Qtl.
Chana futures recover after improving demand in spot market from millers and dals over the weekend.
However, improving weather in major crops regions may limit the demand. The area under rabi crop pulses area soared by 4.67% to 154.80 lha as on 1st January. Acreage under Chana or Gram jumped 5.77%. Nafed is also seeking to sell the Chana stocks.
In spot market Chana Akola was offered at 4450/4500 Rs/Qtl, while Chana dal Akola spot was offered at 5350/5400 Rs/Qtl.
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 futures are to find support towards 4400 Rs/ qtl and trade towards 4600/4650 Rs/Qtl by coming sessions.
(Commodities Control Bureau)
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