MUMBAI, 6 Aug (Commoditiescontrol): 42-44 & 44-46 count Kabuli Chickpea prices gained at Indore for the week ended on 6th August 2022 amid fresh buying to meet festival demand on the other side supply was lower as domestic arrivals are slowing down.
Domestic Kabuli varieties were up by Rs 200/100 kg for the week.
As per Technical Chart, 42-44 count Kabuli Chickpea (Indore) - More near-term upside may lie ahead., we see next resistance at Rs 11,775. Click here
However, appreciating the Rupee will make export expensive which may result in a slowdown in export demand. But the downside is limited as there is a global shortage of higher caliber chickpeas and the domestic crop is also lower.
42-44 count Kabuli Chickpea was quoted at 1510 FOB basis for Nhava-Sheva/Mundra and 44-46 count Kabuli Chickpea was quoted at 1485 FOB basis for Nhava-Sheva/Mundra.
Trend: Kabuli Chickpea prices are likely to trade on the higher side as the domestic demand may pick up from here on with the start of the festival season. On the other hand, global and domestic short supply due to lower production especially for higher caliber Kabuli. But prices have run up a lot from the lower level and are due for some correction . It is advisable to exit the long positions with every rise there is limited upside from current levels.
(By Commoditiescontrol Bureau; +91-22-40015513)
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