Mumbai (Commodities Control) – NCDEX Chana futures traded 185 Rs higher to close at 4812 Rs/Qtl in yesterday’s session making an upper circuit of 4%.
Our forecast of 4800 Rs/Qtl was achieved during yesterday’s trade.
The fierce rally was on back of strong build up since last two weeks. Chana arrivals in key mandis remained remained lower 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, Chana dal Akola spot 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 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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