Chana Jul Futures Closed Lower On Wednesday

Chana Jul futures closed lower on Wednesday mainly on profit booking after it surged more than 6.8% in last 4 sessions due to pick up in the physical demand and fresh buying initiated by the market participants as it hit lowest levels since Jan 2015 last week. Government is trying to support prices by removing export restrictions and procuring at MSP. According to government officials, The Madhya Pradesh government has completed procurement of 1.8 mln tn of rabi-harvested chana and masur. Govt restricted import of yellow peas, an substitute added in the Chana flour, till June end. Earlier, govt has announced of a 7% duty credit incentive on exports. Recently, Maharashtra government discontinued procurement of the chana under the MSP scheme due to shortage of warehousing space and packaging bags.

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