MUMBAI, 3 Dec (Commoditiescontrol): Prices of 42-44 & 44-46 count Kabuli Chickpea traded firm at Indore for the week ended 3rd December due to domestic need-based buying and export demand from Gulf nations in small quantities (few containers). However, Indore-based trader informed that select stockiest actively liquidated stocks at every price rise. Also, fresh buying was thin at higher rates.
Price of domestic Kabuli Chickpea varieties firm by Rs 100/100 kg for the week.
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Similarly, on the export front, 42-44 count Kabuli Chickpea quoted firm at $1,685 FOB basis for Nhava-Sheva/Mundra. Also, 44-46 count Kabuli Chickpea was offered higher at $1,660 FOB basis for Nhava-Sheva/Mundra.
On a monthly basis, the upward price trajectory remains intact. Kabuli Chickpea prices rose by 3.91% in November. On a weekly basis, it moved a tad up by 0.76%. While on an annual basis, the commodity rose by 49.44%.
Trend: Kabuli Chickpea traded firm this week on domestic need-based buying and export demand from Gulf nations in small quantities (few containers). However, Indore-based traders have informed about select stockiest actively liquidating stocks at every price rise. Also, fresh buying was thin at higher rates. Overall, prices are unlikely to fall below 12500-12700/100Kg levels due to tight availability and also export demand from Gulf countries while demand from southeast Asia awaited. Sowing was delay due to late rain. Harvesting of new crops is expected to begin from Feb end-March 1st week. As per market participants, the Kabuli chickpea is likely to trade higher on hopes of retail and export demand for Christmas and New Year. Meanwhile, the availability of new domestic crops is far away, in Feb 2023 to be precise, which is almost three months.
As per our technical chart - Prices are approaching the resistance level (Rs 13,400)/ a near-term pause or pullback is possible. We see the next support at Rs 12,500. Click here
(By Commoditiescontrol Bureau; +91-22-40015513)
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