Chana edges down on weak spot, arrivals
Chana futures edged down, tracking bearish spot markets, a rise in local supplies from the new season crop and expectations of an increase in output.
By ET Bureau | Updated:
MUMBAI: chana futures edged down on Friday, tracking bearish spot markets, a rise in local supplies from the new season crop and expectations of an increase in output.
As of 0634 GMT, the most-active chana contract for April delivery on the National Commodity and Derivatives Exchange was down 0.12 percent at 3,440 rupees per 100 kg.
Supplies from the new crop have started coming in from Andhra Pradesh, Karnataka, Maharashtra and Madhya Pradesh, and are likely to rise further, dealers said.
"Chana prices are expected to remain weak until March due to fresh supplies," said Shikha Mittal, an analyst at Karvy Comtrade.
Traders and analysts expect chana prices to fall with rising supplies in spot markets.
Mittal expects the April contract to trade in a range of 3,400-3,480 rupees intra-day.
In the New Delhi spot market, chana, or chickpea, fell by 15 rupees to 3,635 rupees per 100 kg.
As of 0634 GMT, the most-active chana contract for April delivery on the National Commodity and Derivatives Exchange was down 0.12 percent at 3,440 rupees per 100 kg.
Supplies from the new crop have started coming in from Andhra Pradesh, Karnataka, Maharashtra and Madhya Pradesh, and are likely to rise further, dealers said.
"Chana prices are expected to remain weak until March due to fresh supplies," said Shikha Mittal, an analyst at Karvy Comtrade.
Traders and analysts expect chana prices to fall with rising supplies in spot markets.
Mittal expects the April contract to trade in a range of 3,400-3,480 rupees intra-day.
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In the New Delhi spot market, chana, or chickpea, fell by 15 rupees to 3,635 rupees per 100 kg.
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