CHANA HIGHLIGHT

• The production of chana for the current year was harvested around 60 lakh metric tonne, while the demand is quiet against the output.
• Chana showed smart recovery in the current week backed by good demand in the spot coupled with firm tone on National Commodity and Derivative Exchange. 

• A range-bound trade with firm market sentiment in desi chana witnessed at the benchmark trading centers of Delhi and Indore.
• Demand from dal millers has improved in current week and likely to remain in the near term.
• Supply from Madhya Pradesh is not significant due to lack parity at the other centers.

• Desi chana at the Lawrence road was traded at Rs. 2,215 on Monday, while it was priced at Rs. 2,235-2,240 per quintal on Saturday.
• Demand has improved significantly in the current week from the millers attributed to rise in prices.
• Also, there is news of Andhra Government issued a tender to buy 1.5 lakh MT of chana, which has fueled prices in states.
• The forward deals for Australia chana for October/November shipment fluctuating in the range of Rs. 2,551 to Rs. 2,575 per quintal.

Traders View

Mr. Arun (Sumitra Trading Co) from Delhi said, “chana prices likely to remain firm in the coming days, however a pull back of around Rs.50-75 also can’t be ruled out in between these days. He is expecting prices to touch level of Rs.2,500 in the spot in the month of July-August.”

Trend is up, but the nature of movement is sideways. One can enter in August chana above 2,400 for target 2,419 and 2,464 with strict stop 2,375.

 

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