MUMBAI, 6 Aug (Commoditiescontrol): Domestic Chana prices moved marginally higher for the week ended on 6th August 2022 due to need-based buying from besan and dall mills and limited supply due to lower domestic arrivals.
In Chana Dal and Besan, some uptick in demand was seen due to the upcoming festival season. However, demand was only to meet the immediate requirements and was below market expectations.
It is expected that demand gradually increase as the festival season approaches near. Meanwhile, millers were facing difficulty in getting good quality Chana for crushing. Sellers were inactive in superior quality Chana.
Nafed is active to liquidate old procured Chana stock in the selected state. Old procured Chana quality was average which Millers prefer for besan, and not chana dal.
At Indore, Chana prices gained by Rs 75 at Rs 5,000-5,025/100Kg.
On other hand, Tanzania Chana is priced unchanged at Rs 4,600/100Kg amid limited millers' buying activity despite the commodity being available at a steep discount as compared to domestic varieties.
.jpg)
As per the technical chart - Chana Delhi (Rajasthan line) - A breakout above resistance at Rs 5,025 may underpin a new leg higher towards Rs 5,700. Click here
Trend: Chana prices are likely to rise from the current level as seasonal demand is expected to improve with the start of the festival season. But any up move may be limited as the government is holding a substantial stock of new and old crop Chana this fact is discouraging traders to take any bug exposure. Most of the trading activity is need-based only. Secondly, there is a high possibility that government will liquidate old crop chana at discount to prevailing market prices as quality is said to have deteriorated.
(By Commoditiescontrol Bureau; +91-22-40015513)
|
0 Comments 
Post Comment 
