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Our Bureau

Mumbai, Dec. 10 Chana prices on NCDEX closed lower due to increased selling pressure as demand subdued from millers and crushers.

Arrivals in Delhi and Bikaner remained on the higher side with an average 55-60 motors and around 400-450 bags respectively, said a trader.

This time Chana acreage is slightly lower at 60.89 lakh hectares against 61.40 lakh hectares last year indicating a steady production, he added.

The government also has been continuously importing Chana and peas to keep prices under control.

MMTC has invited bids to sell 2500 tones of alternative peas in the domestic market.

NCDEX polled spot prices of Chana were quoted Rs 107.15 lower at Rs.2180.8 per quintal.

As on December 7 stock position in NCDEX accredited warehouse stood at 3221 tones.

With lower demand and increased imports of alternative peas by government through local PSU’s, chana prices are expected to trade on the lower side, said an analyst from India Infoline.

Also arrivals from fresh harvest are expected to hit market from different producing regions by early next month.

Jeera futures closed firm on NCDEX, with buying interest on the lower side.

Arrivals at Unjha remained lower at daily average of 2000-2500 bags, while off-take was seen on the higher side at 7000 bags, said a trader.

Demand from domestic buyers remained steady, however overseas demand remained lower.

Jeera sowing has started and the acreage is reportedly lower by 10-20 per cent as per trade sources, he said.

Spot prices at Unjha were quoted Rs 48.2 lower at Rs 10539.30 per quintal from previous weeks close.

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Chana futures down on selling pressure

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