NCDEX Chana Slips Further, Traders Eye Coming Harvest

Chana futures slipped today amid lack of major buying support in physical market and overall lull in activity as traders are eying the upcoming harvest. The benchmark Chana futures are trading at Rs 4211 per quintal, down 0.60% on the day. NAFED is likely to increase selling in Rajasthan and MP and the overall elevated inventories with the government are likely to keep the commodity under check in coming days. However, ready Chana market in Delhi continues to see weak supplies and the quality of the arrivals has been poor too. The total acreage under rabi pulse is at 151.10 lakh hectare, down 6.10% while the Chana acreage is down 10% at 95.99 lakh hectare. Chana had eased after the commerce ministry extended the import restrictions on peas for another three months till March 31 this year. The spot Chana prices in Delhi traded around Rs 4370 per quintal yesterday. The supplies in Delhi market were just 10 trucks yesterday.