Notwithstanding the harvesting season in chana, its prices are experiencing an uptrend, because of weak arrivals, bullish futures and depleting carryover stocks. Only 15-20 per cent chana is available for carryover.
Spot chana quoted Rs 30-35 higher at Rs 2,450-2,460 a quintal on thin arrivals and risingfutures, continuing its uptrend. March contract closed higher for the second consecutive day. In the past two days, chana has gained Rs 60-70 a quintal. Arrivals in Indore mandis on Wednesday was recorded at 1,800-2,000 bags against 6,000 bags on Tuesday.
Though traders hope for better chana arrivals in the next few days, they ruled out bearish sentiments, because of expected spurt in demand from millers and traders. In addition, bullish futures are also unlikely to pull down spot chana prices, given that chana stocks are almost exhausted, said a chana trader while talking to Business Line. In Indore mandis, chana (kanta) quoted Rs 2,450-2,460 a quintal, chana (desi) ruled at Rs 2,400 and chana (mausmi) quoted Rs 2,600-2,700 a quintal.
Dollar chana also gained sharply on the back of domestic demand. In the past two days, Dollar chana or chickpea has gained Rs 200 at Rs 5,000 a quintal. As compared with demand, arrivals in dollar chana are weak with about 10,000 bags being offloaded in Indore mandis on Wednesday.
Unrest in the Gulf countries has affected export of dollar chana . But demand is expected to improve the next fortnight. As a result, dollar chana may witness bullishness as production estimate has been lowered to 3.5 lakh tonnes from 4.5 lakh tonnes . According to a recent survey, production of dollar chana this year will decline by 20-25 per cent because of damage to the crops from the intense cold wave and frost.
Among other pulse seeds, weak arrivals and increased demand from the millers perked up masoor in the spot by about Rs 100 with its prices on Wednesday quoting at Rs 3,400-3,425. Masoor in the past two days has gained Rs 150-200. Masoor (medium) quoted Rs 2,950 a quintal. Moong, urad and tur remained steady with subdued queries. Moong (bold) in the spot quoted Rs 4,800-5,000, while moong (medium) quoted Rs 4,000-4,200. Urad (bold) quoted Rs 4,000-4,100 and urad (medium) Rs 3,500-3,700 a quintal.
