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Chana Prices Decline for Second Session Due to Weak Demand

18 Jun 2024 6:27 pm
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Mumbai, 18 June 2024 (Commoditiescontrol): Chana prices have fallen for the second consecutive session across major markets, driven by subdued buying activity. Local sources indicate that weak demand for processed products has been a significant factor in the price decline. In Delhi, prices for Rajasthan and Madhya Pradesh lines saw a slight increase of Rs 25 per quintal during the day, but they weakened by evening.

Across major mandis, Chana prices remained stable to weak, with a notable decline in Lalitpur. Local traders report that demand from processors is low, as Matar prices are currently around 40% lower, making it a more attractive option.

Prices were weak in the bilty trade across markets, falling by 25-50 per quintal due to sluggish trading activity and subdued demand for chana dal and besan. However, in mandi trade at major producing centers, prices were mixed. Most mandis in Madhya Pradesh and Maharashtra remained steady to firm, with the exception of Kareli mandi in Madhya Pradesh, which saw a decline of Rs 200 per quintal. Conversely, prices in Rajasthan mandis were weak due to slow demand from mills.

In Mumbai, Australia origin Chana quoted steady at USD 915 per Metric Ton CNF while no quote was available for Tanzania origin variety. Imported Chana in doemstic market also observed steady tone with Tanzania Chana quoting at Rs 6,500 while Australia origin Chana was offered at Rs 7,000 per quintals.

Chana prices may receive support from an anticipated increase in seasonal demand due to the commencement of the monsoon and the ongoing wedding season. Additionally, government purchases at market prices to replenish buffer stocks are expected. However, price increases should be limited due to the ample supply of matar and chana in the domestic market. Furthermore, stockists are expected to be regular sellers, with an abundant supply of cheap matar anticipated from overseas starting in September.

Spot Chana Prices In Key Indian Markets:


(By Commoditiescontrol Bureau; +91-9820130172)


       
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