Mumbai, March 18th (Commoditiescontrol): During the week ended March 18th, 2023, the price of Chana at Indore continued to rise for the third consecutive week. The price increase was due to a combination of factors, including an increase in demand from Besan mills and a decrease in supply caused by delayed new crop arrivals due to unfavorable weather conditions in producing centres. Additionally, reports indicate that Chana yields may fall due to high temperatures during the growth stage and ongoing adverse weather in major Chana-growing states. Another contributing factor to the rise in prices is the improved market sentiment resulting from increased government procurement at the Minimum Support Price (MSP) in various states, such as Maharashtra, Karnataka, and Gujarat.
Similarly, Chana price traded higher by Rs 75-100/100Kg at Delhi & Akola market on need-based mills purchase. On the other hand, pulse ruled weak by Rs 50/100Kg at Bikaner market on cautious trade at higher rates.
In Mumbai, Tanzania-origin Chana's prices were up by Rs 50 at Rs 4,550-4,700/100Kg.
On the other hand, Chana dal price declined by Rs 5,800-6,600/100Kg at Indore due to slow offtake at higher rates. At Jaipur, processed Chana eased by Rs 25 at Rs 5,925 on thin demand. While, at Akola, Chana dal prices were unchanged at Rs 5,700-6,200 due to limited need-based buying.
As of March 18, 2023, the National Agricultural Cooperative Marketing Federation of India (NAFED) has purchased 36,856 metric tons of Chana at a Minimum Support Price (MSP) of Rs 5,335 through the Price Support Scheme (PSS) during the 2023 Rabi season.
As per technical chart - Chana Delhi (Rajasthan line) - A breakout above resistance (Rs 5,250) may trigger a further increase towards Rs 5,500 - Stay tuned - Click here
Trend: Chana prices are anticipated to remain strong due to several factors. First, the National Agricultural Cooperative Marketing Federation of India (NAFED) has halted selling stocks in the open market. Second, the procurement of Chana at Minimum Support Price (MSP) by government agencies has increased in Maharashtra, Karnataka, and Gujarat, and is expected to start soon in Madhya Pradesh and Rajasthan. Additionally, reports indicate that high temperatures in February and ongoing hailstorms and gusty winds in the key growing states will adversely affect the Chana crops, potentially leading to a 10-15% derop in output. Finally, the lower Chana prices may attract the attention of stockists, as the risk-reward ratio for stocking Chana at lower prices is expected to be highly favourable.
(By Commodities Control Bureau: 09820130172)
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