Mumbai, 08 Oct 2024 (Commoditiescontrol):Chana prices dropped sharply in the domestic market on Tuesday after the government announced the release of 3 lakh tonnes of Bharat brand chana dal and whole chana to stabilize prices and ensure adequate supply during the festival season. The Ministry of Consumer Affairs' move was aimed at easing supply pressures, leading to a significant decline in prices.
Traders highlighted weak demand during the Navratri festival, which failed to meet expectations, contributing to the bearish sentiment. Additionally, reports surfaced that some besan manufacturers were substituting cheaper yellow peas for the more expensive chana dal while maintaining premium prices, further eroding market confidence and pushing chana prices lower in major trading hubs.
Despite the domestic price decline, chana from Tanzania and Australia remained steady in international and Mumbai markets. In the bilty trade, the Kantewala variety fell by ₹100 as millers showed limited buying interest. Experts predict continued weakness in chana prices due to sluggish demand and the influx of Australian chana into the market. Chana dal prices followed suit, with a ₹100 drop reflecting softer demand.
Key markets, including Delhi, Indore, Jaipur, Akola, Latur, and Bikaner, reported price reductions. In the All Expenses Paid (Bilty) trade, Delhi and Rajasthan saw prices drop by ₹100 per quintal, now trading between ₹7,500 and ₹7,525. In Indore, the Kantewala variety traded between ₹7,200 and ₹7,400 per quintal, while Jaipur's Desi chana dropped to ₹7,575–₹7,650 per quintal.
Despite subdued demand during Navratri, market participants remain cautiously optimistic, anticipating limited downside risk. The upcoming Minimum Support Price (MSP) announcement for the 2025-26 Rabi crop season is expected to offer some price support. An increase in MSP and favorable weather conditions are likely to boost chana sowing, driving seed demand and helping to stabilize prices. Additionally, stockists may withhold sales in anticipation of stronger demand post-Diwali, driven by the wedding season and Ramadan early next year. With tight supply conditions, the potential for further price declines appears limited.
Spot Chana Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
0 Comments 
Post Comment 
