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Pulses commentary: Chana futures makes upper circuit, demand strong ; Tur reported firm

25 Feb 2021 7:05 pm
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Mumbai (Commodities Control) – NCDEX Chana futures traded 185 Rs higher to close at 4812 Rs/Qtl in today’s session.


As anticipated earlier, our forecast of 4800 Rs/Qtl was achieved during today’s trade. We anticipated the move when futures were trading at 4600 Rs/Qtl.


The fierce rally today was on back build since last two weeks. Till date, Chana arrivals in key mandis remained tight with major mandis like Dariyapur and Latur reporting just 5k-8k bags against expected 12k-15k levels.


Consistent lower arrivals at major mandis and improved demand created pressure on Chana pipelines with millers which were already dry.


The demand in dals and besan has improved today Chana dal Akola spot was reported to traded at 5900/6000 Rs/Qtl.


On back of strong demand in Chana, Tur trade were also reported firm.


Although demand in tur dals remained subdued but empty pipelines and lower arrivals in tur could result in Chana like move.


Physical spot prices have traded at 7200/7250 Rs per qtl for best quality at Maharashtra and Karnataka.


Chana futures prices are to find support towards 4600 Rs/ qtl and trade towards 4950/5000 Rs/Qtl by coming sessions.


We expect Tur spot Akola prices to remain above 7000 Rs/Qtl and trade towards 7600/7800 Rs/Qtl in coming days.


(Commodities Control Bureau)


       
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