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Chana Mixed For Second Straight Day in Spot Mkts

28 Oct 2020 8:12 pm
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Mumbai (Commodities control) – Chana prices traded mixed for second straight day in a row, as per quality, on Wednesday, in major markets amid thin mill buying and supply of Chana/Kabuli Chickpea from overseas.

Moreover, demand and sale counters in Chana dal/besan was reported dull despite ahead of festive season.

NAFED has suspended all Chana sell auctions till further notice.

Chana for November delivery on National Commodity and Derivatives Exchange (NCDEX) settled 0.6 percent or Rs 34 lower at Rs 5,284/100kg. Earlier in the day, the contract hovered in the range of Rs 5,244 and 5,352.

Open interest of top 10 trading clients in the long side was 32500 MT, whereas the short position of top ten clients was 38270 MT. The net position of top 10 clients was net short by 5770 MT.

Open interest for November contract decreased to 50600 lots against 51580 lots.

On other hand, Open interest for December contract increased to 21010 lots against 20000 lots.

Chana stocks at NCDEX accredited warehouses stood at 41083 metric tonnes as on 27th October, up from 40872 metric tonnes in the previous session, the exchange data showed.

As per our analyst, overall demand remained oppressive in chana. To take a leaf out of yesterday’s hike in futures prices, it did not had any impact on physical demand for Chana and dals. Although demand for besan had a slight push according to traders today. Bargain buy played out at lower prices but the demand is not in mood to support at the moment. It should be reiterated that at country level, India’s Chana stocks are dwindling. Any demand surge will result a rise in prices.

Spot Chana Prices In Key Indian Markets:

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

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