Mumbai, 22 May 2024 (Commoditiescontrol): Chana prices have witnessed a consecutive surge, driven by robust buying activities and constrained availability, marking a seven-year pinnacle in Delhi markets. Prices for both the Rajasthan and Madhya Pradesh lines surged by Rs 50/75 per quintal.
Local traders highlight a pronounced imbalance between supply and demand, with sellers adopting a passive stance, expecting further price escalations. Mandi rates echoed this uptrend, with major markets in Madhya Pradesh and Uttar Pradesh marking increments ranging from Rs 200 to 300 per quintal. Farmers, refraining from offloading their produce, have resulted in subdued arrivals, attributed to significantly diminished production levels.
Unfavorable heat conditions impacting market arrivals have coincided with heightened miller interest in procuring gram, further propelling local prices upwards. Notably, stockists have intensified their activities in the gram market, displaying eagerness to acquire at every price point.
Government procurement of Chana at prevailing market rates is contributing to bullish sentiment and upward price pressure. However, the recent sharp price increase may trigger profit-taking, potentially halting the ongoing rally. Additionally, ample Matar supply could limit further price gains.
Spot Chana Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
0 Comments 
Post Comment 
