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Week Ahead: Chana may trade firm on improvement in Festive demand

14 Aug 2022 1:32 pm
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MUMBAI, 13 Aug (Commoditiescontrol): Domestic Chana prices traded almost unchanged for the week ended on 13th August 2022 due to limited participation from besan and dall mills despite lower domestic arrivals.

Activity in Chana Dal and Besan was slow despite the fact that the festive season has begun. Buying interest was restricted to meet the immediate requirements only.

Meanwhile, millers were facing difficulty in getting good quality Chana for crushing. Sellers were inactive in superior quality Chana.

Nafed is active to liquidate old procured Chana stock in select states at discount to prevailing market prices. Old procured Chana was of average quality, which Millers prefer for besan and not chana dal.

Nafed sold procured Chana Rabi-2020 at Rs 4,601-4,702/100Kg in Rajasthan on 10th Aug 2022. In Madhya Pradesh, Nafed sold procured Chana Rabi-2020 at Rs 4,652-4,811/100Kg.

The government is holding a substantial stock of good quality new crop Chana.

At Indore, Chana prices remained steady at Rs 5,000-5,025/100Kg.

On other hand, Tanzania Chana is gained by Rs 50 at Rs 4,650/100Kg on millers buying due to steep discount as compared to domestic varieties.

As per the technical chart - Chana Delhi (Rajasthan line) - A breakout above resistance at Rs 5,025 may underpin a new leg higher towards Rs 5,700. Click here

Trend: Chana prices may rise from the current level as seasonal demand is expected to improve with the start of the festival season. Further, if there is a major crop loss of Kharif pulses such as Tur and Moong some demand may shift to Chana which will support the prices. But any up move may be limited as the government has already started liquidating old crop chana stock at discounted prices and is holding a substantial stock of new crop Chana this fact is discouraging traders to take any big exposure. Most of the trading activity is need-based only.

(By Commoditiescontrol Bureau; +91-22-40015513)

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