Chana Rates Witnessed Ruling Weak In Near Future

Chennai: Chana prices are likely to rule feeble in the near future in view of increased availability and weak demand for its dal. According to Angel Commodities, vast arrivals of moong in Rajasthan have pressured farmers to liquidate their chana stocks, leading to increased availability. Also, global chickpea production is projected to be higher at 2.16 lakh tonnes against 1.63 lakh tonnes last year. Last week, NCDEX September contract, which continued to be bearish, moved in the Rs 2,212-2,321 a quintal range. On Sept 1, the contract closed at Rs 2,239, while October contract ended at Rs 2,271.

Despite the upcoming festive season, poor offtake from the millers is weighing heavily on the markets. Refined soyabean oil prices are hoped to recover this week on festival demand and better trend in overseas market. In the global market, soya oil prices are ruling firm on Chicago Board of Trade owing to dry and hot weather in the US, which is not favourable for soyabean crop. The medium term outlook was bearish in view of the bumper oilseed production hopes. Last week, NCDEX September refined soya oil futures fell by 1.35 per cent mainly on hopes of a better domestic oilseed production. Persistent overseas demand is likely to a positive factor for mentha oil in the medium term, while in the short term prices would be driven by the quantity of arrivals.