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Week Ahead: Chana prices maintain firm tone on need-based buying

25 Sep 2022 12:09 am
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MUMBAI, 24 Sep (Commoditiescontrol): As expected & published in previous weekly report, Chana, both domestic and imported, continued to trade firm on increased in need-based buying from besan and dall mills to meet the immediate requirements during the ongoing festive season.

Moreover, NCCF has invited bids for purchasing Chana dal and fulfill its commitment of increased supply to Haryana by 27th November, 2022.

Sentiments are still under pressure as govt informed Nafed to dispose 15 Lakh tons at discount Rs 8/Kg to states.

Chhattisgarh, Tamil Nadu, Himachal Pradesh, Gujarat and Karnataka have intended to procure Chana from the central government at discounted rate of Rs 8 per kg under various welfare schemes. They will send indents after assessing requirement.

Nafed, too, is actively liquidating old procured Chana stock at discounted price in major state.

Currently, the central government has a stock of 30 lakh tonnes of Chana. By liquidating 50% stock, it will create space for new harvest arrival due in April 2023. The buffer norm for Chana is 6 lakh tonnes. This one-time discount window will be open for a period of 12 months or till disposal of 15 lakh tonne stock, whichever is earlier.

At Indore, Chana prices gained by Rs 25-50 at Rs 4,825-4,850/100Kg.

Similarly, Tanzania Chana both old-new crop moved higher each by Rs 50-75 at Rs 4,300/100Kg and Rs 4,425, respectively on millers buying.

Trend: Chana prices may continue to rule firm as demand is expected to pick-up with the start of the festival season. However, the up move may be limited as the government is liquidating old crop chana stock at a brisk pace to create space for new harvest due in April 2023. Meanwhile, private traders- stockiest were also active to sell their stock at every rise. Meanwhile, major trade activity continue to be need-based.

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

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