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Chana (Chickpeas) News - Chana cash market continued to trade down last week
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Chana cash market continued to trade down last week

Chana cash market continued to trade down as the supply side is normal against the current weak demand despite the ongoing procurement drive at MSP. NAFED and other procurement agencies have already procured 22 LMT against the set target of 29 LMT for the year. As prices are ruling down from MSP, by Rs 450-550, the target is likely to be achieved as the procurement date in M.P. has been extended till June. Availability of old stocks, arrivals and weak demand for dal are keeping Chana markets under pressure. If the demand improves, likely from mid-June, prices may recover by Rs 100-200 and may move towards the 5000 mark. Right now, range bound movement is expected. Beyond that level market may face resistance as there is ample old stocks and it will continue to enter into markets. Chana in various market is trading at Rs 4650-4800. Chana imported from Tanzania is being offered at Rs4100-4200 in Mumbai. As quality of African origin Chana is not good, its demand is limited.