Hot Commodities: Chana Futures Spike Above Rs 4300 In Early Moves

NCDEX Chana futures soared today. The counter jumped in early moves, testing two week highs above Rs 4300 per quintal as weak arrivals in Delhi market and short covering after recent decline pushed up the prices. The supplies in Delhi market were just 8 trucks yesterday, maintain their recent sluggishness. The market has been focusing on the upcoming spurt in arrivals once the crop from current harvest starts coming into the market. The overall trend in retail pulses market is firm.

Latest sowing data shows that the total acreage under rabi pulses is at 151.10 lh, down 6.10% while the Chana acreage is down 10% at 95.99 lh. This can provide good support to the futures in near term. The benchmark NCDEX Chana futures are currently trading at Rs 4261 per quintal, up 0.88% on the day. Prices recently tested a contract low of Rs 4266 per quintal.