Mumbai, 23 May 2024 (Commoditiescontrol): Kabuli chana prices in Madhya Pradesh's major mandis have remained stable for the third consecutive session, despite a sharp decline in arrivals due to the Budh Purnima holiday. Price have trading steady in range since last one month.Local traders attribute this stability to robust demand from both domestic and export markets, as pipelines were empty. However, a robust supply has also kept prices range-bound after a sharp correction earlier in the season.
Indore markets recorded arrivals of approximately 5,500 bags, a slight decline of 1,000 bags from the previous session. With many mandis closed for Budh Purnima, the state's total arrival declined from 35,000 quintals to only 10,000 quintals.
Container prices witnessed a slight dip of Rs 100 per quintal today, remaining range-bound in the last 15-20 sessions.
Globally, Kabuli prices faced downward pressure as farm gate prices in Canada declined. Prices for 9 mm and 10 mm varieties dipped to USD 707 and USD 755 per metric ton, respectively, a decrease of $4-6 from the preceding session. This slump, hitting a nine-month low, is attributed to stock liquidation by farmers and traders in anticipation of expanded acreage.
Market analysts predict that container prices will likely maintain a narrow range with a downward bias in the near term. The combination of falling Canadian prices and the anticipated surge in Mexican production is expected to further weigh down prices in the coming days.
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(By Commoditiescontrol Bureau; +91-9820130172)
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