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Chana Rally Stalls as Government Extends Duty-Free Matar Imports

22 Feb 2024 6:25 pm
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Mumbai, 22 Feb 2024 (Commoditiescontrol):The ongoing rally in the Delhi chana market has been halted following the government's decision to extend duty-free imports of matar for another month. Cargoes with a Bill of Lading date up to 30/04/23 are now eligible. Matar, a cheaper substitute for chana, will see increased supply, negatively impacting chana demand and prices. However, select production and processing centers continue to see rising chana prices due to robust mill demand.

In the near term, chana prices are likely to face downward pressure from ongoing domestic arrivals and increased imports of Canadian matar. This surge in matar supply, both domestic and imported, will likely lead to falling matar prices, further impacting chana negatively. However, upcoming Ramadan demand should provide some support at lower price levels. While a crop shortfall this season bolsters the intermediate-term outlook for chana prices, they are expected to remain range-bound until the peak of this season's chana supply is reached.

Spot Chana Prices In Key Indian Markets:

(By Commoditiescontrol Bureau; +91-9820130172)

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