Mumbai, May 02 (Commoditiescontrol):Chana (chickpea) prices continued to weaken due to a combination of decreased demand at higher prices and government intervention against potential hoarders. However, industry experts suggest limited downside potential due to tighter supplies and sustained overall demand.
In major markets like Delhi, prices for the Rajasthan line of chana fell by Rs 75 per quintal to Rs 6,375, while the Madhya Pradesh line dropped by Rs 50 to Rs 6,350 per quintal.
“Although there's still a solid base demand for chana, the elevated prices have led to a slowdown in immediate buying," commented a trade expert. "Furthermore, the government's crackdown on hoarding has prompted some traders to release stockpiles, adding to the downward pressure on prices.”
Market analysts note that the availability of imported matar (peas), which serve as a partial substitute for chana, is acting as a price ceiling. Additionally, the smaller crop yield expected this year could prevent further significant declines.
The immediate outlook for chana prices appears mixed. A traditional lull in demand during the upcoming one-month pause in the wedding season could contribute to further softening or stabilization of prices. However, the smaller crop size should limit major drops.
Looking further ahead, the onset of the monsoon season next month is likely to drive increased demand for chana, potentially breaking the current range-bound prices in an upward direction. Historical patterns suggest prices tend to stay firm during the June to September period.
Spot Raw Chana Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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