CHANA SPURTS ON WEAK SUPPLIES, STRONG NODES IN INTERNATIONAL MARKET
DATE: 22/06/2012
Sturdy trend was seen in chana market due to bullish trend in imported pulses along with weak arrivals in major producing states. The NCDEX Chana futures spurted by almost Rs 60 per quintal today.
Traders mentioned that strong millers demand in the domestic market due to higher prices of imported pulses prompted the strong gains in chana futures. The spot prices of Australian chana were trading at Rs 4400-4550 per quintal while domestic chana prices were trading in the range of Rs 4300-4350 per quintal at Delhi mandi.
Moreover, the total daily arrivals of chana have also reduced to 40000 bags from 85000 bags that were reported earlier due to restricted selling by traders and farmers. This has also prompted strong gains in chana market.
Consequently, the NCDEX Chana July futures gained by almost Rs 64 per quintal to currently trade at Rs 4238 per quintal.
POWERED BY: COMMODITY INSIGHTS
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