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Week Ahead: Chana prices may find support at lower levels on need-based buying

28 Jan 2023 11:42 pm
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MUMBAI, 28 Jan (Commoditiescontrol): Domestic variety Chana prices extended fall by Rs 100/100kg for third straight week ending Jan 28th, 2023, on thin demand as offtake in Chana dal & besan reported slack.

Regular Nafed selling at lower rates to create adequate storage capacity and the arrival of new Chana in producing centers further put pressure on prices.

Also, Chana dal prices at Jaipur & Akola declined by Rs 50-100/100Kg due to dull offtake. While, commodity traded firm by Rs 100/100Kg at Indore market on need based buying.

Price of branded Chana besan eased by Rs 25/50Kg at Mumbai on slack trade.

On other hand, Tanzania origin Chana price stayed unchanged at Rs 4,450-4,550/100Kg in Mumbai.

Data from the most recent Rabi sowing report indicates that India Rabi Chana acreage for 2022-23 decreased by 1.36% year-on-year, totaling 111.35 Lakh Ha on Jan 27, compared to 112.89 Lakh Ha a year ago.

As per the technical chart - Chana Delhi (Rajasthan Line) - Counter trend decline / next support at Rs 5,000. Click here

Trend:Chana prices are expected to remain under pressure in the short term due to increased arrivals in major producing centres and NAFED's frequent sale of old crops at lower prices. However, the downside should be limited due to factors such as mills buying to meet the immediate requirements, a drop in sowing acreage, and concerns that adverse weather may impact crops in Rajasthan, Maharashtra, and Gujarat due to rain forecast in the coming days. Moreover, demand for Ramzan should pick up by mid-February, potentially reversing the current downtrend.
(By Commoditiescontrol Bureau; +91-9820130172)

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