Chana On NCDEX Settled Up

Chana on NCDEX settled up by 2.81% at 6483 as arrivals have been lower and there is every chance of supply crunch in coming months. Moreover, increase of MSP for kharif pulses also extends support to chana. In the third advance estimates, chana production is revised downwards to 7.5 million tons from 8 million tons forecasted in second estimate. Meanwhile, government hiked the minimum support price (MSP) of arhar, urad and moong by up to Rs 425 per quintal for the kharif season starting from September. Agriculture minister said that over and above the MSP, government has decided to give a bonus of Rs 425 per quintal for pulses. Agricultural Minister said the farm sector growth will be good in 2016-17 with the country expected to receive normal monsoon rains this year after two consecutive drought years.

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