Chana futures prices on the NCDEX are expected to stay weak in the next few days, on increasing inflows of imported pulses and potentially weak domestic demand.
Chana December contract on NCDEX has declined by Rs 85, to close at Rs 2,266 per quintal on Wednesday, over the fortnight, on continued selling pressure on increased inflows.
Chana January 2007 contract was quoted Rs 82, lower at Rs 2,268 a quintal on the exchange, on lack of fresh buying support at lower levels.
December contract volume was down sharply at 7,000 tonne from 17,000 tonne as on November 21, ?07. Open interest was also reduced at 26,590 tonne from 31,000 tonne.
?Price trend remained weak due to weak demand for pulses and fresh arrivals, as the Rabi crop progresses well across northern states. Arrivals from southern states are likely to start from December-end,? an analyst with Karvy comtrade said.
At the various terminal markets, spot prices declined marginally by Rs 2, to close at Rs 2,143 a quintal in Indore. NCDEX-polled chana prices had gained marginally by Rs 14, to close at Rs 2,267 a quintal.