NCDEX CHANA MARKET UPDATE

Chana settled down -0.47% at 5304 due to profit booking after gaining as there is good demand in the spot market as supplies are now limited. However, government has imposed restrictions on holding of pulses stocks beyond a ceiling and taken action against hoarders and black marketers to stabilize the pulses price, capped some gains in chana prices. With pulses prices skyrocketing, state owned MMTC has invited global bids for import of 1,000 tonnes of chickpeas (gram) from Australia. The government is also planning to give pulses to states at subsidized rates. Currently, farmers are waiting for the announcement of MSP for the Rabi crops as sowing season is nearing.
Trading Ideas:
Chana trading range for the day is 5219-5427.
Chana prices dropped due to profit booking after gaining as there is good demand in the spot market as supplies are now limited.
However, government has imposed restrictions on holding of pulses stocks beyond a ceiling and taken action against hoarders and black marketers.
NCDEX accredited warehouses chana stocks dropped by 170 tonnes to 19084 tonnes.
In Delhi spot market, chana gained by 37.55 rupee to end at 5376.5 rupee per 100 kgs.


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