Mumbai, 09 Dec (Commoditiescontrol):Chana (chickpea) prices extended their decline across major Indian markets on Monday, pressured by subdued miller demand and bearish sentiment. Market concerns deepened after Australia significantly revised its production estimates upward, signaling ample supplies in the months ahead. The outlook has dampened demand tied to the ongoing wedding season and the upcoming Ramadan.
In Delhi, a key consumption hub, prices of Madhya Pradesh-origin chana dropped to ₹6,550–₹6,575 per quintal, while Rajasthan-origin chana slipped to ₹6,650–₹6,675 per quintal, down by ₹100 per quintal. Indore’s Katewala chana witnessed a sharper decline, losing ₹200 to settle at ₹6,500 per quintal. Other trading centers, including Nagpur, Raipur, and Kanpur, also reported price drops, underscoring a uniform downward trend across domestic markets.
However Australian and Tanzanian chana prices remained steady in global markets. Australian-origin chana was quoted at $735 per metric ton on a Cost, Insurance, and Freight (CIF) basis and yet to react to bumper Australian crop news, while Tanzanian-origin chana was priced at $725 per metric ton.
Australia’s upward revision of its chana production forecast has been a pivotal factor influencing market sentiment. The country’s 2024–25 chana output is now projected at 1.887 million metric tons (MT), a sharp rise from last year’s 491,200 MT. With this surplus, Australian exporters are expected to aggressively target India, the largest global consumer of chana, before the arrival of the domestic Rabi harvest.
Analysts warn that Australia’s bumper crop, combined with India’s duty-free import policy, could exert sustained downward pressure on prices. Although Ramadan demand in early 2024 is likely to provide some support, oversupply concerns remain dominant. Domestic millers and traders are expected to adopt a cautious stance, holding back on aggressive buying as Australian imports overlap with domestic Rabi arrivals.
The bearish tone in the chana market is set to persist in the near term, driven by a confluence of global supply dynamics and tepid domestic demand.
Spot Chana Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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