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Chana Firm in Selective Spot Markets

13 Aug 2020 7:52 pm
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Mumbai (Commodities control) – Chana prices were traded firm on Thursday at selective markets following firm cues from futures and millers buying activity to meet their immediate requirement for crushing.

Moreover, demand in chana dal and besan from the consumption centres has supported the prices.

Meanwhile, arrivals of seasonal domestic Chana is less. Millers were facing difficulty in getting good quality Chana for crushing.

Sentiments are still pressurised due to Nafed’s liquidation and free distribution of grains every month under PM Garib Kalyan Anna Yojana till November end.

Chana for September delivery on National Commodity and Derivatives Exchange (NCDEX) settled 0.4 percent or Rs 17 up at Rs 4,281/100kg. Earlier in the day, the contract hovered in the range of Rs 4,249 and 4,317.

Open interest of top 10 trading clients in the long side was 48370 MT, whereas the short position of top ten clients was 55990 MT. The net position of top 10 clients was net short by 7620 MT.

Open interest for August contract decreased to 9670 lots against 12530 lots.

Similarly, Open interest for September contract also down to 73230 lots against 80400 lots.

On other hand, Open interest for October contract unchanged to 12980 lots against 11990 lots.

Chana stocks at NCDEX accredited warehouses stood at 66370 metric tonnes as on 12th August, down from 67232 metric tonnes in the previous session, the exchange data showed.

As per market talk, current chana prices are attractive for millers/traders due to cheaper pulses and reduced arrivals. Even consumption is likely to increase in coming days due to commencement of festive period until Diwali. Meanwhile, prices in spot markets traded much below MSP of Rs 4,875.

The overall demand in spot markets is firm and is expected to increase in coming weeks as the economy comes out of the lockdown. The overall demand normally sees a spurt around this time of the year as festive season approaches.

Spot Chana Prices In Key Indian Markets:

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

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