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Export demand drives up Kabuli chana

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Our Correspondent

Indore, Aug 9

Chana (gram) ruled firm on Monday due to poor stock but lack of buying capped any major gains.

Nevertheless, traders said that chana prices will witness an uptrend, primarily because of lower production this year due to a substantial decline in pulses crop coverage .

Currently, there is good demand for chana at mill-level.

In the futures market, chana witnessed a correction of 1-3 per cent from the previous close. On Monday, chana August futures on the NCDEX closed at Rs 2,245.

In the spot market, chana ( kanta) on Monday quoted at Rs 2,225-2,240 a quintal, up Rs 35, chana ( desi) at Rs 2,175-2,180, up Rs 20 and chana ( mausmi) quoted at Rs 2,300-2,500 (unchanged).On the other hand, with increasing export demand, uptrend continued in Kabuli (dollar) chana.

In the spot market on Monday, it was quoted at Rs 5,000-5,200, up Rs 400.

Local mandi witnessed arrival of 1,200 bags of kabuli chana on Monday.

According to an exporter, Mr Kamal Agrawal, because of damage to the crop in Mexico and less production in other countries, there is apparently good overseas demand for Indian kabuli chana

(This article was published in the Business Line print edition dated August 10, 2010)
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