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Week Ahead: Kabuli Chickpea to trade firm on festive demand

14 Aug 2022 2:22 pm
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MUMBAI, 13 Aug (Commoditiescontrol): 42-44 & 44-46 count Kabuli Chickpea prices extended rise at Indore for the week ended on 13th August 2022 amid better 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 300/100 kg for the week.

42-44 count Kabuli Chickpea was quoted at 1530 FOB basis for Nhava-Sheva/Mundra and 44-46 count Kabuli Chickpea was quoted at 1505 FOB basis for Nhava-Sheva/Mundra.



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, appreciation in 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 1530 FOB basis for Nhava-Sheva/Mundra and 44-46 count Kabuli Chickpea was quoted at 1505 FOB basis for Nhava-Sheva/Mundra.

Trend: Kabuli prices failed to give any sizable correction in spite of a sharp run-up from lower levels mainly due to strong export demand and anticipation of a pick-up in domestic demand with the start of the festival season.There is a shortage of high-caliber chickpeas globally and the next big crop will form from India and Mexico which will be harvested in March next year only. Seasonally September and October are the best months for Kabuli from the price point of view. Considering all these factors prices are likely to remain firm for some more time.


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


       
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