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Chana Gains in Selective Spot Markets; NCDEX Chana Headed Higher

30 Oct 2020 8:39 pm
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Mumbai (Commodities control) – Chana prices gained Rs 25-100/100Kg, as per quality, on Friday, in selected markets following firm cues from futures, mill buying activity and declining stocks with NAFED.

Demand in physical spot market were sceptical of the rise in derivatives. As on Tuesday, similar rise in derivative did not convert to demand in physical dals and besan market.

Market is very cautious to get into long position in spot market and is waiting of demand boost from dals and besan counters which is not yet there.

Considering festive demand ahead, current prices are reasonably placed to attract buyers looking to reimburse their stocks.

NAFED has suspended all Chana sell auctions till further notice.

Chana for November delivery on National Commodity and Derivatives Exchange (NCDEX) settled 1 percent or Rs 57 higher at Rs 5,310/100kg. Earlier in the day, the contract hovered in the range of Rs 5,251 and 5,344.

Open interest of top 10 trading clients in the long side was 31950 MT, whereas the short position of top ten clients was 39820 MT. The net position of top 10 clients was net short by 7870 MT.

Open interest for November contract decreased to 47570 lots against 50050 lots.

On other hand, Open interest for December contract increased to 25600 lots against 23270 lots.

While, Open interest for January contract decreased to 2560 lots against 2570 lots.

Chana stocks at NCDEX accredited warehouses stood at 41286 metric tonnes as on 29th October, up from 41083 metric tonnes in the previous session, the exchange data showed.

Spot Chana Prices In Key Indian Markets:

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

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