Mumbai, 16 Sep 2024 (Commoditiescontrol): Chana (chickpea) prices remained largely steady-to-weak on Monday, driven by slow buying activity and subdued demand for chana dal. Overseas supply pressure continues to dampen market sentiment, further influencing mill buying.
In Mumbai, both international and rupee-denominated quotes displayed a mixed trend, with similar patterns observed in the bilty trade. Limited buying at higher levels and sluggish selling activity led to price declines in select markets, although most mandi prices remained stable. Regional factors, particularly demand and supply variations, caused minor price drops in certain areas. Chana dal prices held steady across major processing centers.
Recent pressures on chana prices have been attributed to the reselling of chana dal and besan at lower rates. Retail demand is expected to dip further during Pitru Paksha, a period associated with traditionally low consumption, which could weigh further on the market.
In Delhi's bilty trade, chana from Rajasthan and Madhya Pradesh remained unchanged, while Katewala chana in Indore also saw little movement. Prices fell by ₹25 in Jaipur, and desi chana in Maharashtra declined by ₹50 to ₹100 per quintal. In Kanpur, prices saw minimal change as buyer interest remained low over the past few sessions.
While mandi prices in Maharashtra and Madhya Pradesh stayed stable, international chana prices showed mixed results. Tanzanian-origin chana was unchanged at $830 per metric ton, easing to ₹6,950 per quintal in rupee terms. Australian-origin chana, priced at $870 per metric ton, fell to ₹7,350 per quintal in rupee terms.
Globally, the U.S. chickpea harvest for 2024 is projected at 19.3 million hundredweight (cwt), or approximately 874,444 metric tons, an 8% increase from last year, according to the USDA. This marks a continued positive trend in chickpea production.
Chana prices could face temporary downward pressure following the extension of duty-free matar imports by the Indian government until December 31. Although this move might initially influence market sentiment, the impact on chana prices is expected to be limited due to consistent substitution demand. Moreover, the beginning of Pitru Paksha today may dampen demand, as it usually remains subdued during this period. However, retail demand is likely to rebound during Navratri, which follows the conclusion of Pitru Paksha, in anticipation of Diwali.
Spot Chana Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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