Mumbai, 04 Oct 2024 (Commoditiescontrol): Desi Chana prices continued to follow a steady-to-weak trend on Friday, as demand remained subdued on the first day of Navratri. Prices for the Kantewala variety saw a ₹50 decline as millers showed reluctance to purchase, further fueling bearish sentiment in the market. Chana Dal prices also fell, dropping between ₹50 to ₹100, reflecting the weak demand.
While an uptick in demand for chana, besan (gram flour), and chana dal was anticipated with the onset of Navratri, the expected boost did not materialize. However, traders remain optimistic that fresh demand will emerge by October 7, which could drive a price recovery.
Several major markets, including Delhi, Indore, Jaipur, Nagpur, and Bikaner, reported price declines on Friday. In the All Expenses Paid (Bilty) segment, prices in key markets like Delhi and Rajasthan dropped by ₹50 per quintal, now trading between ₹7,625 and ₹7,700. Indore’s Kantewala variety also experienced a dip, with prices ranging from ₹7,400 to ₹7,600 per quintal. Jaipur’s Desi chana variety fell slightly, trading between ₹7,825 and ₹7,875 per quintal.
Looking ahead, market sentiment suggests that demand for chana may rise as the sowing season approaches. Additionally, the arrival of Australia’s new chana crop in India by November or December is expected to support a price recovery. Australian chickpea exports surged in August, with volumes reaching 17,884 metric tons—a 35% increase from July. India remained the top buyer, importing 8,037 metric tons.
Although the initial demand during Navratri was weak, market participants are hopeful that demand will pick up next week, aiding price recovery. Stockists are expected to limit sales, anticipating stronger demand post-Diwali with the commencement of the wedding season. The Confederation of All India Traders (CAIT) predicts around 4.8 million weddings between November and December, which is likely to provide support to chana prices.
Spot Chana Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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