Mumbai, 05 Dec (Commoditiescontrol):December 5, 2024: Chana (chickpea) prices softened in key Indian markets on Thursday, driven by tepid buying interest as traders remained cautious following a sharp upward revision in Australia's production estimates.
In Delhi, a significant consumption hub, chana prices slipped, ending a two-session rally. Millers held back on purchases, waiting to gauge demand trends. Madhya Pradesh-origin chana was traded at ₹6,800–₹6,825 per quintal, while Rajasthan-origin chana fetched ₹6,900–₹6,925 per quintal, both marking a decline of ₹50 per quintal. Conversely, Indore saw no change in Katewala chana prices, which remained steady at ₹6,800 per quintal. However, other key markets like Jaipur, Akola, Latur, and Nagpur reported declines, reflecting waning demand.
In Mumbai, imported chana prices held steady. Tanzanian and Australian-origin chana were priced at $725 and $735 per ton, respectively, with Cost, Insurance, and Freight (CIF) quotes unchanged.
Australian Production Estimates Raise Oversupply Concerns
The cautious sentiment in the market stems from Australia's revised production outlook. The ABARES September report projected Australia's chana output at 1.887 million metric tons (MT) for 2024-25, a significant surge from last year's 491,200 MT. This steep increase could lead Australian exporters to aggressively target the Indian market, the only destination capable of absorbing such a large surplus before India's domestic Rabi crop enters the supply chain.
Market analysts suggest that prices may struggle to sustain current levels, especially if the Indian government maintains its duty-free import policy. Even Ramadan-related demand may not fully offset the impending oversupply, potentially pressuring prices further in the coming months.
The combination of cautious buying and the looming influx of Australian chana may keep domestic market participants on edge, as these supplies are expected to coincide with Rabi crop arrivals.
Spot Chana Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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