Commodities

Improved buying boosts chana

Our Bureau Indore | Updated on January 25, 2011 Published on January 25, 2011

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Chana (gram) gained Rs 20-25 in Indore mandis on improved buying and scattered demand from millers and retailers. In the spot, chana was quoted at Rs 2,470-2,475 a quintal as demand picked up at a lower rate. On Tuesday, chana prices had zoomed to Rs 2,500-2,510 a quintal in the morning driven by fear of low yield but in the evening prices crashed to as low as Rs 2,450 a quintal with decline in demand at higher rate. With stocks of chana still lying in physical market, chana on the futures market was subdued.

On the NCDEX, chana January and February contracts slid to Rs 2,551 and Rs 2,597 a quintal as traders did not show interest in buying at the higher rate. However, the prospects for chana sown in the State for the second time after damage to the crops in the first sowing, appear to be promising, said a chana trader. Because of rains and unfavourable weather condition, the arrival of new chana in the State has been delayed by a month and in all likelihood, the new chana will not come into the market for 20 days. Moreover, because of increasing demand at an all-India level and increase in minimum support price, chana prices may not drop below Rs 2,350 a quintal, said another trader.

Firm trend in pulses

Among other pulse seeds bullishness continued in tur with its meagre arrival and rise in demand. In the spot, tur further gained Rs 100 at Rs 4,300 a quintal. Other pulse seeds ruled firm with moong quoted at Rs 5,000, masur at Rs 3,550 and urad quoted at Rs 4,200 a quintal respectively.

On the other hand dollar chana or chickpea ruled firm on the back of weak arrivals and improved demand. In the spot, dollar chana, depending upon its quality, quoted at Rs 4,200-5,300 a quintal, while in container dollar chana 42/44 count and 44/46 count quoted at Rs 5,650 and Rs 5,600 respectively. Arrival of dollar chana in Indore mandis continues to be on the lower side with merely 700 bags coming on Wednesday.

Published on January 25, 2011
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