Mumbai, 21 June 2024 (Commoditiescontrol): After two back-to-back sessions of stability, Chana prices have resumed their downward trend in major markets due to persistently low demand for processed products. Local sources report that demand remains sluggish, putting downward pressure on prices. Despite this, prices for the Rajasthan and Madhya Pradesh lines in Delhi have stayed stable, trading above Rs 7,000 per quintal, indicating some market support.
In Mumbai, there were no CNF quote available for for Tanzanian origin chana, while Australian origin chana remained steady at USD 915 per metric tonne.
Similarly, Tanzania and Austrlia Chana imported prices recorded steady tone. Prices of all expenses paid (Bilty) chana remained unchanged. Bikaner was the only stand-out performerr, with prices dropping Rs 50 per quiinttal.
In major mandis, especially in Madhya Pradesh and Rajasthan, prices have generally fallen by Rs 50-200 per quintal. Local traders attribute this decline to increased supply as farmers bring their produce to market to cover kharif sowing expenses, spurred by moderate rains in some regions. Additionally, end-user demand remains low as matar prices are about 40% lower, making them a more attractive option.
Late in the evening, after the market closed, the Central Government imposed stock limits on pulses, including chickpeas, causing trader panic. This has led to forecasts of potential panic selling on Saturday. Although this year's Chana crop yield is lower than last year's, it is sufficient to meet domestic demand. With Chana arrivals starting about four months ago, farmers and stockists hold approximately 70% of the current crop. The government's move is expected to curb fresh stockist demand significantly, making it challenging for farmers to sell their inventory, potentially leading to panic selling and a sharp price decline. This situation could worsen with the ample domestic supply of matar and fresh imports expected from September onwards.
Spot chana Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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