Mumbai, 06 May 2024 (Commoditiescontrol): Despite the Indian government's decision to allow free imports of chana until October 31st to alleviate supply shortages, prices have surged. This is due to limited international chana supplies until September. Trade sources expect 2.5-3.0 lakh tons of chana to reach India by October, but this influx is unlikely to substantially ease the tight supply situation stemming from low production and carryover stock this season. Consequently, the additional supply may not significantly influence price trends.
The opening of free imports in India also affected Australian prices, making imports costlier. In India, prices jumped by Rs 75-300 per quintal, fueled by strong demand and plummeting arrivals. Local traders observed a sharp decline in chana arrivals, further contributing to the price increase. Delhi saw prices stabilize for both Rajasthan and Madhya Pradesh lines following a governmental crackdown and a temporary dip in prices, which led to seller inactivity.
Chana prices are expected to stay high in the near future due to strong demand and limited supply. Analysts anticipate prices to remain firm until at least September, when the harvest of new chana and matar crops from Canada, Australia, and Russia begins. India's continued presence in the international chana market as a buyer could push up international prices, further increasing the landed cost domestically. Additionally, domestic demand might see a surge with the arrival of the monsoon season next month, potentially leading to another price hike.
Spot Chana Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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