CHANA SURGES MORE THAN RS 100 PER QUINTAL IN SPOT MARKET ON SUPPLY CONCERNS
DATE: 02/05/2012
Steady rise was seen in chana market in today's trading the heels of waning supplies in domestic market along with higher prices of imported chana. The spot prices of Akola mix were reported at Rs 4000 per quintal and Chapa quality were at Rs 4100 per quintal, up Rs 100 per quintal from the previous day. While the total daily arrivals were hovering at the levels of around 2 lakh bags in the entire major mandis against 2.10 lakh bags on last day.
Traders suggested that the total production of chana in the current year is estimated at around 62-64 lakh tonnes against 75 lakh tonnes that were reported last year. This is mainly due to poor chana crop in Rajasthan and Maharashtra in the absence of adequate rainfall during the December- February period. Therefore, weak production estimates of the current year might maintain fragile arrivals of chana in the current year. Currently, the total daily arrivals of chana were reported in the range of 2.80-3 lakh bags , down almost 0.50-0.60 lakh bags that were reported last year in the same period. This is mainly due to restricted supplies from Rajasthan.
Traders mentioned that Australia - chana May- June shipment was reported at $ 785-795 per tonne (Rs 4035 -4120 per quintal) at Mumbai port and most of the importers of Pakistan have already booked the Australia chana shipment at higher levels. Therefore, elevated prices of international chana prices might discourage the imports in the current year. This might also reduce the total pulses imports as traders are expecting the ambitious pulses imports target of 3.5-4 million tonnes.
POWERED BY: COMMODITY INSIGHTS
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