Mumbai, 14 June 2024 (Commoditiescontrol): In the aftermath of a robust trading session, Chana prices experienced a downturn across major markets, attributed primarily to subdued buying activity. Local sources point to a notable decline in demand for processed products as a key driver behind the price slump witnessed particularly in Delhi. Within the capital city, prices for the Rajasthan and Madhya Pradesh lines notably declined by Rs 25 per quintal during the evening session, underscoring the prevailing bearish sentiment.
Prices were weak in the bilty trade across markets, falling by 25-50 per quintal due to sluggish trading activity and subdued demand for chana dal and besan. However, in mandi trade at major producing centers, prices were mixed. Most mandis in Madhya Pradesh and Maharashtra remained steady to firm, with the exception of Kareli mandi in Madhya Pradesh, which saw a decline of Rs 200 per quintal. Conversely, prices in Rajasthan mandis were weak due to slow demand from mills.
In Mumbai, Australia origin Chana quoted steady at USD 915 per Metric Ton CNF while no quote was available for Tanzania origin variety. Imported Chana in doemstic market also observed steady tone with Tanzania Chana quoting at Rs 6,500 while Australia origin Chana was offered Rs 50 weak at Rs 7,050 per quintals.
According to media reports, India is set to import approximately 1.1 million tonnes of desi chana (Bengal gram) from Australia starting in September, alongside new matar supplies from Russia and Canada that too from September onwords. These imports will bolster the already ample stocks of both imported and domestically produced matar and chana, likely exerting downward pressure on chana prices post-September. However, before these imports arrive, chana prices may rise due to a seasonal increase in demand driven by the commencement of the monsoon, the wedding season, expected government procurement of chana dal, and the onset of the domestic festival season from late July.
Spot Chana Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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