Buying support boosts chana

Chana witnessed good buying support from the millers in private trading with its prices being quoted slightly higher at Rs 2,530- 2,540 a quintal.

On Tuesday evening, chana gained Rs 10-15 on demand and was quoted at Rs 2,430-2,440 a quintal and it continued to rule at the same level on Wednesday.

Arrival of chana in private market continued with about 2,000 bags being offloaded in Indore on Wednesday. According to trade sources, demand from millers increased with the arrival of good quality and moist-free chana.

As arrivals picked up the millers have gone on a buying spree. Under the circumstances, it chana prices may not fall, but at the same time pressure of increased arrivals may give rise to sluggishness in chana, said a trader.

Traders also attributed the current limited surge in chana to pressure of arrivals. Trade sources said that arrival of chana in Indore mandis, the biggest chana mandi in the country, may hit 15,000-20,000 bags a day this month.

On the other hand Dollar chana or chickpea is ruling at Rs 4,500-Rs 4,800 a quintal at Indore mandis . Notwithstanding rise in arrivals with 5,000-6,000 bags of dollar chana being offloaded in Indore mandis on daily basis, the speculators are spreading rumour of sluggishness due to subdued demand in the export market. As a result, the container prices of dollar chana have declined by Rs 100-150 in the past couple of days.

The prices of 42-44 count dollar chana is at Rs 5,525 a quintal, while 44-46 count and 58-60 count are being quoted at Rs 5,175 and Rs 4,500 a quintal respectively.

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