Mumbai, 20 May 2024 (Commoditiescontrol):Chana prices have softened due to subdued demand at elevated price points, according to local traders. Buying activity has slowed following a sharp price increase in the past week. However, inquiries in Delhi and Jaipur during evening sessions have led to a minor uptick, with prices in Delhi rising by Rs 25 per quintal for both Rajasthan and Madhya Pradesh lines.
Mandi prices also trended lower, with buyers inactive at higher levels. Prices in major mandis dropped by Rs 50-100 per quintal.
Market experts anticipate range-bound trading in the near term, as traders and mills limit purchases due to the recent price surge. Sellers are also hesitant to offload stock at current prices, expecting an uptick due to government procurement and seasonal demand with the onset of monsoon.
Despite a lower crop and opening stock, ample supply remains with farmers, with only 20-25% of the current crop year's harvest estimated to have reached the market. Additionally, ample imported matar supply, expected to accelerate further with new crops from Canada and Russia arriving in September, should keep the market well-supplied, limiting major price gains.
Spot Chana Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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