MUMBAI (Commodity Online): Chana futures slipped after a moderate start on Wednesday following profit booking by traders. However, all over sentiments remained bullish due to firm demand.
NCDEX chana November futures opened higher by Rs 6.00 and quoted at Rs.2, 566.00 per quintal. The contract fluctuated between Rs.2, 541-Rs.2, 574 a quintal. Currently traded lower by Rs.11 at Rs.2, 549 a quintal.
December contract opened up by Rs.3.00 at Rs.2, 655 a quintal. The contract traded in the range of Rs.2,638-Rs.2,667 per quintal. Currently traded lower by Rs.5 at Rs.2647 a quintal. The volumes in the November and December contract in the initial hours of trading stood at 10,990 and 25,020 tons respectively.
As expected, India's chana futures rose on Tuesday afternoon tracking firmness in the spot market, where demand was robust amid lower arrivals. November Chana contract on the NCDEX closed up 1.11% at 2555 rupees.
Trade commodities or equities from across the globe. Join NowKharif pulses were rising on lower output concerns despite being in the middle of the arrivals season, and chana was merely tracking them. Spot market is witnessing price improvement day-by-day due to strong demand from traders and stockists.
With the rise in the prices, supply slightly improved marginally from the farmers. Chana sowing is lagging behind due to unfavorable weather condition in major growin areas. India has been importing pulses on regular basis to bridge the gap between supply and demand.
