Chana Settled Up 1.84% At 4258

Chana settled up 1.84% at 4258 driven by pick-up in demand at the domestic market. However, increasing supplies coupled with higher production estimates by the government capped some gains. The gain is attributed to lower level buying as spot demand seems to be increasing for new season crop. Since, Government is creating buffer stock for pulses including chana they have to compete with traders to procure it from farmers. In the second advance estimate for 2015-16, government forecasted 8.09 mt of chana this year, which is more than production estimated last year (7.17 mt). This year chana is sown in 85.48 lakh hectares , compared with 85.74 lh last year, as per data latest release by Agriculture Ministry on Jan 28.

 India has imported 3.75 lt of Chana until November in the current financial year. Imported chana has also hit the markets this month and traders & stockists are buying up to their respective stock limits for the new season crop.

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