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Chana Drops in Selective Spot Markets

20 Oct 2020 9:36 pm
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Mumbai (Commodities control) – Chana prices traded weak by Rs 25-100/100kg, as per quality, on Tuesday, in selected markets on thin mill buying.

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

Chana prices are trading weak since last week as the higher prices in futures are not able to materialize demand in physical trade.

Hence since the prices have corrected below 5400 physical buyers have remained sceptical of taking any big position while the sellers are aggressively trying to book profits bringing down the prices significantly in physical trade.

However, NAFED has suspended all Chana sell auctions till further notice.

NAFED Chana resellers were squaring off their position selling at as low as 5250 in Akola spot cash conditions.

Chana for November delivery on National Commodity and Derivatives Exchange (NCDEX) settled 1.1 percent or Rs 62 higher at Rs 5,493/100kg. Earlier in the day, the contract hovered in the range of Rs 5,405 and 5,505.

Open interest of top 10 trading clients in the long side was 27730 MT, whereas the short position of top ten clients was 33660 MT. The net position of top 10 clients was net short by 4260 MT.

Open interest for October contract decreased to 100 lots against 3090 lots.

Similarly, Open interest for November contract was down to 57730 lots against 57930 lots.

On other hand, Open interest for December contract increased to 9190 lots against 8220 lots.

Chana stocks at NCDEX accredited warehouses stood at 40629 metric tonnes as on 19th October, up from 40509 metric tonnes in the previous session, the exchange data showed.

As per market talk, Chana prices are likely be underpinned at lower rates due to demand hopes of increased consumption amid festive season. Negligible overseas supplies of White Pea will likely support Chana prices further. However supply of Kabuli Chickpea has been witnessed, but parity is higher.

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

Sowing depends on the winter conditions as cooler temperatures with good water content in the soil improves the yield. But, Monsoon and yield reports of the kharif crops also play a critical role in determining the movement. It will eventually be the key to determine the sowing of the rabi crops during the later winter season. However, continued rainfall beyond September could damage crop and delay sowing. Higher prices encourage sowing as lower rates can lead to farmers switching to other crops.

Spot Chana Prices In Key Indian Markets:



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


       
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