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Chana Move Higher in Spot Mkts

4 Mar 2021 9:52 pm
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Mumbai (Commodities control) – Chana prices moved higher by Rs 25-100/100Kg, as per quality, on Thursday, in major markets following firm cues from futures during early sessions and improved mill buying activity on immediate requirement for crushing.

However, NCDEX Chana futures settled 4 Rs lower to close at 5004 Rs/Qtl in today’s session.

Chana futures traded volatile today after making an rally of above 5100 Rs/Qtl it fell back on lack follow up buying and lukewarm repose from spot market.

Lower demand in dals and besan has triggered today’s fall after making new top this morning.

Rising Chana spot prices but stalled demand in dals is troubling the millers. It has taken the parity for processing in negative zone.

Until we get back demand from dals and besan market we may not witness any aggressive rise.

Chana for April delivery on National Commodity and Derivatives Exchange (NCDEX) settled tad weak or Rs 4 down at Rs 5,004/100kg. Earlier in the day, the contract hovered in the range of Rs 4,989 and 5,108.

Going forward, Chana futures are to find support towards 4850 Rs/ qtl and trade towards 5000/5150 Rs/Qtl by coming sessions.

Open interest of top 10 trading clients in the long side was 28270 MT, whereas the short position of top ten clients was 37,590 MT. The net position of top 10 clients was net short by 9,320 MT.

Open interest for March contract decreased to 19,660 against 21,960 lots.

On other hand, open interest for April contract increased to 45,630 against 44,130 lots.

Chana stocks at NCDEX accredited warehouses stood at 332 metric tonnes as on 3rd March, unchanged from the previous session, the exchange data showed.

Spot Chana Prices In Key Indian Markets:



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


       
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