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Chana Trade Mixed At Major Markets

26 Feb 2020 9:16 pm
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Mumbai (Commodities control) – Both old/new Chana prices traded mixed on Wednesday, at major markets.

However, weak Futures market, higher output estimates and cautious buying by millers is weighing upon the prices.

NAFED is selling its old stock, in selected states, whilst availability of new domestic Chana is pressurising buyer sentiments.

Regular demand in Chana dal and besan from wholesale/retailer counters was reported due to cheaper rates compared to White Pea dal, besan, ongoing marriage season and upcoming festival of holi.

Even Government continues to hold major stocks of old Chana at around 15,64,616.65 MT as On 24th February, 2020.

Chana for March delivery on National Commodity and Derivatives Exchange (NCDEX), settled weak by 0.4 percent or Rs 15 down to Rs 3,960/100kg. Earlier, in the day, the contract hovered in the range of 3,920 and 4,006.

Open interest for NCDEX March contract increased to 15360 lots against 14850 lots.

On other hand, open interest for April contract decreased to 21870 lots against 21990 lots.

Open interest of top 10 trading clients in the long side was 17050 MT, whereas the short position of top ten clients was 23630 MT. The net position of top 10 clients was net short by 6580 MT.

Chana stocks at NCDEX accredited warehouses reported nil.

As per market view, millers' purchase follows their immediate requirement for crushing. Government is likely to raise its procurement target of Chana, at MSP, this year due to bumper crop. Arrival pressure of new domestic Chana will be witnessed after holi in Maharashtra, Madhya Pradesh and Rajasthan.

Chana prices will depend on Government's stock liquidation to make space for fresh procurement and quantity of new crop procurement. Meanwhile, medium-term outlook for chana is bearish. Sell on rise is reckoned to be the best strategy for trade.

Spot Chana Prices In Key Indian Markets:

(By Commoditiescontrol Bureau: +91-22-40015513)

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