Mumbai (Commodities control) – Chana prices moved higher Rs 100-150/100Kg, as per quality, on Monday, in major markets tracking firm cues from futures, better mill buying activity on immediate requirement for crushing.
Chana for May delivery on National Commodity and Derivatives Exchange (NCDEX) settled 2.3 percent or Rs 124 higher at Rs 5,595/100kg. Earlier in the day, the contract hovered in the range of Rs 5,525 and 5,635.
Meanwhile, demand for Chana dal and besan witnessed limited. However, prices likely to get support due to lower output and on expectations of better demand during the forthcoming festival season amid lower inventories due to rising covid cases across India has led to call upon partial or complete lockdown in few states to control the spread.
Chana availability though, is tighter as the arrivals has shrunk since NAFED buying. Arrivals has almost dried up in Maharashtra and Gujarat with farmers now reluctance to bring in more goods to market due to recent price rally. The processors and stockist looking to accumulate chana stocks.
Open interest of top 10 trading clients in the long side was 54,210 MT, whereas the short position of top ten clients was 87,720 MT. The net position of top 10 clients was net short by 33,510 MT.
Open interest for April contract decreased to 13,220 against 19,020 lots.
On other hand, open interest for May contract increased to 130,680 against 128,830 lots.
Similarly, open interest for June contract also up to 19,760 against 15,700 lots.
Chana stocks at NCDEX accredited warehouses stood at 60,399 metric tonnes as on 11th April March, up from 58,210 metric tonnes in the previous session, the exchange data showed.
Spot Chana Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-22-40015513)