The Hindu Business Line : Chana futures remain range-bound

Mumbai, Sept. 27 Chana futures market continued to remain range-bound. The change in open interest and volumes was not too significant in the day. Lacklustre demand coupled with regular inflow of yellow peas in the spot market is creating a downward pressure on chana. Chana stocks in NCDEX warehouses as on September 25 were 11,067 tonnes.

According to traders, fall in temperatures and increased soil moisture level in Maharashtra and Madhya Pradesh augur well for chana sowing, which will start shortly. High arrivals, surging import of pulses through PSU’s and lack of demand for pulses had a bearish tone over the market. Traders are offloading their produce before khariff pulses arrives into the market. Chana October futures closed at Rs 2,286 a quintal on NCDEX. NCDEX jeera futures have traded down amid selling pressure. Lack of buying interest coupled with ample arrivals to the physical markets had a bearish tone over the market. Most of the buyers remained on the sidelines in the anticipation of further fall in prices.

Jeera

Though the international edible oil market remains firm, the domestic market was stable at current price levels. Demand is expected to only pick up by next month, said an edible oil trader.

Edible oil

Soya was quoted at Rs 475 per 10 kg and palm oil was quoted at Rs. 452 per 10 kg.

Arrivals in the market are ample but supply fears may build up as the festive demand build on, he added.

Gold in the international markets remained almost unchanged on recovery of the dollar. However crude oil prices gained despite a surge in weekly inventories on concerns of tropical storm at Gulf of Mexico. Gold is also supported by a rally in Platinum prices which remains at 10 month high, said a bullion analyst.

Indication of weakening US economy and concerns over dollar are crucial to the gold market. Dollar held above record lows against the Euro on bargain hunting after falling by more than 4 per cent in September. Euro was steady against the dollar at $1.4128.

MCX October contract traded at Rs 9,344 per 10 gm.