CHANA SPURTS MORE THAN RS 200 PER QUINTAL ON BULLISH CUES IN
PHYSICAL MARKET
DATE: 03/05/2012
Steady trend was seen in chana futures due to weak supplies in major mandies along with possibility of hike in Minimum Support Price ( MSP ) of important kharif pulses in the coming season by government. The NCDEX chana futures spurted by almost Rs 230 per quintal in the last two trading days.
Traders mentioned that the Commission for Agricultural Costs and Prices (CACP) has proposed an increase of up to Rs 1,000 per quintal in their minimum support price for this year's kharif season. The government has recommended an MSP of Rs 4,500 per quintal for green gram (moong), Rs 4,300 per quintal for black mapte (urad) and Rs 4,000 per quintal for tur for the 2012-13 kharif season starting June. This has also prompted the strong gains in chana market as prices were currently traded at well below the recommended prices of urad and moong.
Moreover, 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.
Consequently, the NCDEX May futures gained Rs 230 per quintal in the last two trading days to currently trade at Rs 4085 per quintal.
POWERED BY: COMMODITY INSIGHTS
No comments:
Post a Comment