The Hindu Business Line : Chana spot prices firm up in southern, central States

Spot prices in Maharashtra were higher at Rs 2,615 per tonne. In Karnataka (Gulbarga), it was ruling at Rs 2,525 per tonne, Andhra Pradesh (Karnool) – Rs 2,380 and in Tamil Nadu (Chennai) – Rs 2,500.

In Delhi, it was Rs 2,312 per tonne and at Bikaner (Rajasthan) – Rs 2,255.

“Unwillingness of stockists to sell at lower levels has resulted in spot prices moving up. Also they are expecting the prices to pick up in the next few weeks on back of forthcoming festival season when demand for chana dal and besan goes up,” said an Angel Commodities research report. Arrivals in the Delhi markets on Monday were around 20 trucks against Friday’s inflow of 25-30 trucks.

Futures market

In the futures market, chana for August delivery on NCDEX lost much of its Monday’s gain to close lower by Rs 15 at Rs 2,296 per tonne on Tuesday. Chana futures are under pressure in the last few days due to good arrivals at NCDEX warehouses in Bikaner and Delhi.

NCDEX reported a chana inventory of 9,261 tonnes in Delhi, 28,105 tonnes in Bikaner and 210 tonnes in Indore.

“The factors keeping the futures markets under pressure are the steady inflows of yellow peas in the markets. NCDEX reported 37,000 tonnes of chana in its warehouses,” said a Kotak Commodities report.

Even though the acreage under pulses as on July 26 improved to 8.5 million hectares against 7.5 million in same period last year, it will not have any impact on chana prices as it is a rabi crop.

Various sops

In a bid to cool down prices, the government announced various sops to public companies to import chana. Government agencies are expected to import more than 10 lakh tonnes of pulses in the coming months.

“Private importers have stuck deals to import chana from Australia at $600 per tonne which works out to Rs 2,500 a tonne. The consignment is expected to land by September-end,” said Mr Harish Galipalli, head of research, Karvy Comtrade.

Futures are expected to trade weak till August-end and pick up if the demand increases. “Spot prices are expected to touch around Rs 2,600-2,700 per tonne beginning September. However, it will not hit last year’s high of Rs 3,300 per tonne,” he said.

More Stories on : Pulses | Commodity Markets

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
MCX launches raw jute futures

Pawar defends wheat imports

Chana spot prices firm up in southern, central States

Ban rubber futures, says user industry

Rains, disease hit rubber output

Spot rubber improves on short supply