Hot Commodities: NCDEX Chana Slips Again, Gains Failing To Hold

NCDEX Chana futures are failing to hold onto modest gains as hopes of an elevated output in coming rabi season are capping the upside momentum. The benchmark NCDEX Chana futures for October are trading at Rs 4008 per quintal, down half a percent on the day after testing a low near Rs 4000 per quintal. The counter had tested contract low near Rs 3970 per quintal on a repetitive basis last week before witnessing a small rebound. Following a delayed arrival, monsoon is witnessing late withdrawal as well this year. Under the influence of a low-pressure and associated cyclonic circulation, widespread rains have continued in central India, which is likely to keep the overall climatic conditions supportive for early sowing in rabi season. The current supplies are steady in wholesale markets.