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Slack offtake from millers ends chana rally

Our Correspondent
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Bullish trend in chana ended on decline in futures and slack demand from millers at higher rate. In the spot, chana (kanta) declined to Rs 4,450-75 a quintal with fall in futures on the NCDEX and weak buying support in the physical market at higher rate.

Similarly, chana (desi) slipped to Rs 4,300 on slack demand. Compared with prices a week ago, chana (kanta) in local mandis ruled Rs 100-125 a quintal higher.

According to Mr Sanjay Bansal, an Indore-based trader, chana (kanta) in the coming days may hover around Rs 4,500 as fresh demand in chana will likely pick up after monsoon showers that are expected within a week. Added to this, speculators’ grip over futures is unlikely to rein in chana prices, another trader told Business Line. Arrival in local mandis was recorded at around 2,500 bags.Chana dal ruled stable on Tuesday with the average quality being quoted at Rs 5,325-50 a quintal, the average one at Rs 5,425-50, while bold variety ruled at Rs 5,650-75.

Dollar chana or chickpea ruled stable at Rs 6,800-7,200 a quintal on subdued buying support. In the container, however, dollar chana gained by over Rs 100 a quintal on improved export demand with dollar chana (42/count) being quoted Rs 8,400; 44/46 count at Rs 8,200-8,225; 46/48 count at Rs 8,100-8,125; 58/60 count ruled at Rs 6,600, while 60/62 count was quoting Rs 6,500 a quintal.

(This article was published in the Business Line print edition dated June 27, 2012)
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