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Chana Gains in Spot Mkts As Futures Hits 4% Upper Circuit

25 Feb 2021 8:41 pm
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Mumbai (Commodities control) – Chana prices gained Rs 25-200/100Kg, as per quality, on Thursday, in selected markets as Chana futures hit upper circuit today closing 4%.

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

Nafed has sold Rabi 2020 procured Chana at Rs 4,550-4,596/100Kg in Madhya Pradesh and Rs 4,475-4,506 in Rajasthan on 24th February, 2021.

Chana for March delivery on National Commodity and Derivatives Exchange (NCDEX) settled 4 percent upper circuit or Rs 185 higher at Rs 4,812/100kg. Earlier in the day, the contract hovered in the range of Rs 4,627 and 4,812.

Open interest of top 10 trading clients in the long side was 20790 MT, whereas the short position of top ten clients was 33370 MT. The net position of top 10 clients was net short by 12580 MT.

Open interest for March contract decreased to 28,330 against 30,550 lots.

On other hand, open interest for April contract increased to 28,420 against 22,650 lots.

Chana stocks at NCDEX accredited warehouses stood nil.

Spot Chana Prices In Key Indian Markets:



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


       
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