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Pulses commentary: Chana futures stay steady amid fragile demand

28 Jan 2021 7:56 pm
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Mumbai (Commodities Control) – NCDEX Chana futures traded flat today to close at 4482 Rs per Qtl.

Chana futures stayed steady over weakness in demand from spot market, but lower technical levels provided support for futures.

Chana dal and besan demand are quite lethargic to create any movement from current price levels. Due to pandemic, absence of trigger in any seasonal demand have led to current situation.

The standing crops looks stable, backed by weather in key crop regions. It has increased the probability of higher crop output this season. Acreage under Chana jumped 5.77%, improved yield may result in higher production by 5-8% as compared to last crop year.

In spot market Chana Akola was offered at 4450/4500 Rs/Qtl, while Chana dal Akola spot was offered at 5300/5350 Rs/Qtl.

Tur arrivals is gathering pace in key mandis of Vidharbha region, with Akola Mandi crossing 10k-12k bags in a day.

Mandi prices have crossed 6200 Rs per qtl for best quality. While the quality have remained subdued as compare to previous year.

However, demand from tur dals is not reflected in enthusiastic buying of tur from mandis. It’s the stockist who are actively buying from the market.

Chana futures are to find support towards 4400 Rs/ qtl and trade towards 4600/4650 Rs/Qtl by coming sessions.

(Commodities Control Bureau)

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