Week Ahead: Kabuli Chickpea to trade firm; festive demand holds key

MUMBAI, 1 Oct (Commoditiescontrol): Kabuli Chickpea price remained unchanged for second straight week amid sporadic trade activity. While, export demand failed to meet the expectation, farmers continued to bring their produce to local market on regular basis. Apparently, narrow range movement was witnessed in prices. Meanwhile, selected stockiest remain active to liquidate stock from cold storage and shift to maintain other stock, such as Soybean.



As per Indore based trader, prices of kabuli Chickpea are expected to touch 120,00 in the near future as demand is likely to improve during the ongoing festival season.

Similarly, on the export front, 42-44 count Kabuli Chickpea was quoted lower by 25 at 1440 FOB basis for Nhava-Sheva/Mundra. Also, 44-46 count Kabuli Chickpea was offered weak by 20 at 1415 FOB basis for Nhava-Sheva/Mundra.

As per technical chart - Kabuli Chana 42-44 count Indore - More near term upside possible / we see next resistance near Rs 11,775 followed by Rs 12,325. Click here

Trend: Prices of Kabuli Chickpea are likely to move higher on likely demand uptick during ensuing festival season and also seed demand for sowing. Market have maintained steady tone in the last few weeks as export demand stayed below expectation and regular arrivals of domestic produce. Also, select stockiest remain active to liquidate stock from cold storage and shift to maintain other stock, such as Soybean. However, the domestic supplies from farmers and stockiest is expected to dry down in next few weeks, whereas demand should once again start to look up in domestic markets during Deepawali festival in India's and international demand for New year and Christmas. As per Indore based trader, prices are expected to touch Rs 12,000/100kg in near future due to lower & negligible carryover stock. It may be noted that the new domestic crop will be available only after Feb 23, which is almost five months. Considering the tight availability and demand prospect, a spurt in prices can not be ruled out.

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