Chana Aug Futures Surged Higher

Chana Aug futures surged higher as market participants again initiated fresh buying on expectation of good physical demand in coming months. It surged more than 11.3% or Rs.392 per quintal in first 12 days in July. Prices surged as government has extended the imports of dry peas for three more months which increase the physical demand from the traders and stockists. New notification says that pea import can't take place till 30 Sep 2018. It is applicable for all peas. Government has tried to keep the prices higher by removing export restrictions and procuring at MSP. According to govt officials, MP has completed procurement of 1.8 mt of rabi-harvested chana and masur. Earlier, govt has announced of a 7% duty credit incentive on exports.

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