Chana Slips Half A Percent On NCDEX, Fails To Hold Above Rs 3500 Mark

Chana has dropped in early moves today amid sustained selling pressure amid lack of fresh buying on elevated levels. Chana futures had gained in last session, breaking above Rs 3500 per quintal for the benchmark July delivery. India has hiked tariffs on a number of items in retaliation for the US imposing higher duties on some Indian products. Few key agri commodities are there on the list. The import duty on chickpeas and Bengal gram has been increased to 60%; while that on lentil has also been hiked to 30%. The hike would be effective from August 4. However, near term focus remains entirely on the Kharif pulses plantings and a rather choppy undertone in major spot markets for Chana is not bringing much of demand in futures. The NCDEX Chana futures failed to stay above Rs 3500 levels and dropped in midmorning trades. The counter currently trades at Rs 3490 per quintal, down half a percent on the day.