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Chana futures on the NCDEX fell by 2 per cent to Rs 4,729 a quintal on Thursday. Investors preferred to book profits after the recent run-up in prices. Besides, the tapering demand at high prices in the spot market also aided the price fall on Thursday. Spot prices in Delhi were down by 0.81 per cent at Rs 4,910 a quintal.
The progress of pulses sowing has been slow due to the deficient rains. Although chana is a rabi crop, it also takes cues from the monsoon and the progress made in sowing of kharif crops.
Chana prices may witness a further drop amid lack of demand at higher levels. However, prices may bounce back in the next two to three seasons owing to the weak progress in sowing of kharif pulses.
In the medium- to long-term, the trend remains positive as supplies may not be sufficient to meet rising demand for the commodity.
According to the Ministry of Agriculture, sowing of kharif pulses was at 40.19 lakh hectares as of July 20 compared to 58.56 lakh hectare (ha) recorded in the same period last year, a decline of almost 31.37 per cent.
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