Amid overall strong fundamentals, fresh demand for chana from the millers ahead of the festive season may send futures and spot prices further northward in the short term.
NCDEX Ccana August futures prices rose by nearly 10% to trade at Rs 2,443 per quintal on Monday on continued buying interest while September contracts once again crossed Rs 2,500-mark and quoted higher by 10% at Rs 2,541 per quintal during the current month. ?Despite huge stocks of chana in the domestic markets, there were no sellers at the current prices as they feel the prices of chana to be much lower compare to the prices of other pulses. NCDEX chana contract closed above its 5 days, 20 days and 65 days SMA, indicating an uptrend,? an analyst with Angel Trade said.
Spot prices of Chana at the Indore market were quoted higher by Rs 180 to trade at Rs 2,326 per quintal on Monday whereas spot prices at Bikaner market was quoted at Rs 2,340 per quintal on lack of fresh selling interest. ?Spot price may remain firm over the next few days ahead of festival demand. Millers and processors are main buyers,? a bikaner based trader said. Delayed monsoon and thereby delay in sowing of kharif pulses has led to an increase in the prices of Tur and moong by almost 25% in the last 1 month.
Spot prices across major markets surged last week on improved demand from the millers against restricted supplies. As per the 4th advance estimate released by government late Tuesday, total pulses production during 2008-09 revised up to 14.66 million tonne up 0.48 million tonne from 3rd advance estimate.