Chana gains on higher demand, cues from futures

Rise in futures and demand perked up chana by Rs 50 with prices in the spot being quoted at Rs 2,700 a quintal. On Thursday, chana had declined to Rs 2,625-2,650 a quintal on tremendous selling pressure. Going by price fluctuation in chana in the past 3-4 days, it appears that speculators who are already in control of the futures market, also monopolised chana prices in the spot.

It is solely because of the speculators that chana in the spot showed an erratic price behaviour with periodic rise and fall in its prices, said Mr Bimal Jain, a trader. This is evident from the fact that chana prices which ruled at Rs 2,550-2,575 a quintal on June 21, surged to Rs 2,725 a quintal on June 22. However, on June 23, it again witnessed a correction and slipped to Rs 2,625-50 a quintal on increased selling pressure. Rise in chana also perked up desi chana with its price in the spot being quoted at Rs 2,650 a quintal.

Chana dal also gained with chana dal (bold) in the spot ruling at Rs 3,375-Rs 3,400 a quintal, up Rs 25. Similarly, chana dal (medium) quoted at Rs 3,275-Rs 3,300 and chana dal (average) at Rs 3,150-3,175 a quintal, respectively.

Increased demand at lower rate also perked up masoor and it was quoted at Rs 2,900 a quintal, while masoor (medium) ruled at Rs 2,550. Long-term bullish trend in chana, according to traders, seems unlikely keeping in view the large stock of imported pulse seeds. Support to masoor also perked up masoor dal, with masoor dal (bold) being quoted Rs 25 up at Rs 3,450-3,475, masoor dal (medium) at Rs 3,325-3,350 and masoor dal (average) at Rs 3,200-Rs 3,225 a quintal.

Tur, moong and urad ruled firm on subdued demand. Tur (Maharashtra) ruled at Rs 3,000, while tur (Nimari) at Rs 2,300-Rs 2,600 a quintal. Similarly, tur dal ruled firm with tur marka being quoted at Rs 5,900, tur dal (full) at Rs 53,00-Rs 5,400 and tur dal (sawa no.) at Rs 4,450-Rs 4,500.

Moong also ruled firm at Rs 4,100-Rs 4,500 a quintal, so its dal with moong mongar being quoted at Rs 5,600-Rs 5,700, moong dal (bold) – Rs 5,400-Rs 5,450 and moong dal (chilka) being quoted at Rs 5,050-Rs 5,100. Urad also ruled firm at Rs 4,000-Rs 4,100, while urad (medium) at Rs 3,660-Rs 3,800 a quintal. Similarly, urad mongar ruled at Rs 6,400-Rs 6,700, urad dal (medium) at Rs 5,600 and urad dal (average) at Rs 4,700-Rs 4,750 a quintal.
source-businessline
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