MUMBAI, Feb 04 (Commoditiescontrol): Prices in the Kabuli chickpea prices fell in Indore during the week ending Feb 04. Kabuli chana varieties 42-44 and 44-46 were down due to limited demand as buyers were cautiously buying at higher prices on the expectation of pick up in new crop arrivals in the next few days. Furthermore, domestic and foreign demand in the ready delivery business is lower than the forward demand for the March delivery.
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Price of 42-44 count Kabuli Chickpeas fell by $110 at $1,655/Mt FOB for Nhava-Sheva/Mundra, while 44-46 count Kabuli Chickpeas down by the same amount to $1,630/Mt FOB for Nhava-Sheva/Mundra.
As per technical chart Kabuli Chana (Indore) - Trending higher / Next resistance at Rs 15,000. Kabuli Chana (Indore) spot market has turned higher from support near Rs 12,000. Click here
Trend: Kabuli chickpea prices may stay under pressure in the short term as new crop arrivals are projected to rise across India this month. In February, approximately one lakh bags of new crops are expected to arrive. However, the price may find support at lower rates when buyers become active due to an empty pipeline. Exporters will also begin purchasing the commodity to meet their export obligations in the hopes of strong demand from Turkey/Gulf and Algeria in March. It is expected that Turkey will be buying Kabuli from India as the crop in its traditional supplier Mexico is said to be down by 50%s to 60,000-70,000 tonnes, down from 1,20,000-1,30,000 tonnes last year. New crop arrivals in Mexico will begin in April. Since Ramjan starts in March, Turkey will have to depend on India to meet Ramjan's demand. Forward transaction for the March shipment has already been done in the range of Rs 11200-11300 on the upper end and Rs 10600-10700 on the lower end. New crop transacted at Rs 10300-10500/100Kg in Indore spot market, arrivals were 200 bags with 16-17% moisture content.
(By Commoditiescontrol Bureau; +91-9820130172)
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