Chana increased marginally during the week

Chana (Chickpeas)

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The Chana market witnessed a slight firming trend, with prices rising by an average of 1% during the reviewed week. This uptick can be attributed to active buying activity from market participants, driven by seasonal factors such as the marriage season and the upcoming festivals like Holi and Ramadan. Additionally, NAFED's decision to halt the supply of the Rabi 2023 crop and expectations of lower crop production, estimated at approximately 92-94 lakh tonnes, further supported the price rise.

Despite the anticipation of a gradual increase in new Chana arrivals in the upcoming weeks, prices are expected to increase by INR 100-200 per quintal. Several factors contribute to this projection, including the forthcoming procurement at the MSP of INR 5,440 per quintal by government agencies starting next month, as well as the heightened demand for Besan during the festival season.

Active buying activities by market stakeholders are also likely to remain supportive of the sentiments in long term. Despite the satisfactory Chana traded at INR 6,275 per quintal, up by 0.40% in Delhi and at INR 6,150 per quintal, up by 0.82% in Bikaner.