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Raw-Processed Chana Extends Rise in Major Mkts Barring Delhi; Futures Trade to be Volatile

1 Oct 2020 8:41 pm
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Mumbai (Commodities control) – Chana prices extended rise Rs 50-150/100Kg, as per quality, on Thursday, in major markets following firm cues from futures, mill buying activity and declining stocks with NAFED.

Moreover, good demand in chana dal and besan was reported from consumption centres today.

On other hand, Chana prices ruled weak by Rs 25/100Kg in Delhi amid thin local trade activity as Chana futures declined from higher prices during closed.

Nafed has been active at liquidating stocks at higher rate and rejected bids of lower rates.

Chana for October delivery on National Commodity and Derivatives Exchange (NCDEX) settled Re1 higher at Rs 5,494/100kg. Earlier in the day, the contract hovered in the range of Rs 5,473 and 5,570.

Open interest of top 10 trading clients in the long side was 30980 MT, whereas the short position of top ten clients was 38020 MT. The net position of top 10 clients was net short by 7040 MT.

Open interest for October contract decreased to 38860 lots against 40820 lots.On other hand, Open interest for November contract increased to 37340 lots against 33850 lots. Similarly, Open interest for December contract was up to 2480 lots against 2400 lots.

Chana stocks at NCDEX accredited warehouses stood at 38384 metric tonnes as on 30th September, unchanged from the previous session, the exchange data showed.

As per market talk, Chana prices are likely to be underpinned as consumption may continue amid festive season. Depleting procured chana stock with Nafed, negligible overseas supplies of White Pea will likely support Chana prices further. However, supply of Kabuli Chickpea witnessed, but parity is higher.

We expect volatality in NCDEX chana prices. It is expected to trade in Rs 5450-5550 range in the coming session.

Demand of seeds for sowing is expected to rise as rabi sowing begins from October. As per market sources, sowing has began in some places of Andhra Pradesh.

Spot Chana Prices In Key Indian Markets:



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


       
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