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Chana Declines At Selective Spot Markets

10 Jul 2020 8:19 pm
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Mumbai (Commodities control) – Chana prices declined in a narrow range, as per quality, on Friday, in selected markets following weak cues from futures, thin mills buying and ongoing arrivals.

Actual demand in chana dal and besan from consumption centres was reported to be negligible.

Meanwhile, sentiments are dampened NAFED's liquidation of old stock of chana in selected states. However, Nafed is not interested in liquidating stock below Rs 4,500/100Kg.

Trade activity is lukewarm as some markets are shut due to lockdown and labour shortage.

As on July 8, 2020, NAFED has successfully procured 2105556.04 MT of Chana at Minimum Support Price of Rs 4,875.

As per market talk, current levels of Chana prices are attractive for millers/traders due to cheaper pulses and reducing arrivals. Even consumption is likely to increase in coming days as festive period begins next month till Diwali. Meanwhile, prices in spot markets traded much below MSP of Rs 4,875.

Chana for July delivery on National Commodity and Derivatives Exchange (NCDEX) settled 0.6 percent or Rs 26 lower at Rs 4,080/100kg. Earlier in the day, the contract hovered in the range of Rs 4,073 and 4,114.

Open interest of top 10 trading clients in the long side was 39900 MT, whereas the short position of top ten clients was 48620 MT. The net position of top 10 clients was net short by 8720 MT.

Open interest for NCDEX July contract decreased to 9270 lots against 14400 lots.

On other hand, Open interest for August contract increased to 71680 lots against 65480 lots.

Similarly, Open interest for September contract also up to 9520 lots against 8960 lots.

Chana stocks at NCDEX accredited warehouses stood at 65981 metric tonnes as on 9th July, up from 65961 metric tonnes in the previous session, the exchange data showed.

pot Chana Prices In Key Indian Markets:

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

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