Mumbai (Commodities Control) – NCDEX Chana futures today rose by 124 Rs/Qtl to close at 5595 Rs/Qtl.
Chana futures went bizarre today on spot squeeze as Ramadan demand is kicking in and Chana availability in spot is tight.
Chana availability is tighter as the arrivals shrunk since NAFED buying was initiated in MP.
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 rising covid cases across India has led to call upon partial or complete lockdown in few states to control the spread.
It will have a significant impact on consumption pattern as the demand from hospitality sector, public events and even Ramadan festivities.
The demand in tur dals has slowed due to new restrictions.
The availability of tur has now transferred into hands of stockist and corporates who will not easily release the stock in market.
It’s too early for them to start booking profits on their stocks which will keep the supply tighter.
Tur spot prices have traded in range of 7250/7300 Rs per qtl for best quality at Maharashtra and Karnataka.
Going forward, Chana futures are to find support towards 5150 Rs/ qtl and trade towards 5700/5800 Rs/Qtl by coming sessions.
We expect Tur spot Akola prices to remain above 6700 Rs/Qtl and trade towards 7300/7400 Rs/Qtl in coming days.
(Commodities Control Bureau)