Chana declines on subdued demand

Our Correspondent Indore | Updated on February 02, 2011

With local mandis remaining closed on Wednesday for “Amavasya,” demand for chana and other pulse seeds was subdued in private trading, though tur prices did witness enquiries on improved demand. Notwithstanding a marginal rise in chana futures on the NCDEX where February contracts closed Rs 7 higher at Rs 2,619 a quintal, chana prices in private trading saw a decline of Rs 20-25 at Rs 2,540-2,550 a quintal on slack demand from millers and retailers.

Traders hope the sluggishness will not continue for long, given the expected decline in chana production by about 10-15 per cent. They expect prices to hit Rs 3,000 a quintal.

Last week, chana prices increased on speculation in the futures market over the reduced supply. However, in the past few days, due to profit booking at higher rates prices have declined. According to traders, dull trade in chana will prevail for a short term on higher arrivals of new chana from February 14

Chickpea trade

Dollar chana or chickpea in the market ruled steady at Rs 4,800-5,200 a quintal, while in the container it was quoted at Rs 5,600 for 44-46 count and Rs 5,650 a quintal for 42-44 count. Indore mandis on Tuesday witnessed “muhurt” trading in dollar chana on a record price of Rs 15,115 a quintal.

Published on February 02, 2011

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