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Informist, Monday, Oct. 21, 2024

By Shreya Shetty

MUMBAI – Prices of chana across key spot markets fell again, after a temporary spike on account of festival demand by millers last week, traders said. Prices of tur and urad were steady, they said.

CHANA prices in Akola in Maharashtra were down by INR 50 at INR 7,400-7,425 per 100 kg, said Ankit Kedia, a local trader. Arrivals were up by 300 bags to 600 bags (1 bag = 50 kg). Prices have fallen back to lower levels after a temporary rise in the previous week, he said. "Mills are low on chana stocks, so prices saw temporary spikes for a day or two because of need-based buying as there was demand for besan or gram flour ahead of Diwali," he said. While such a temporary rise in prices could be seen again in the week ahead, many mills do not plan on buying more chana for processing as they will close during Diwali next week, he said. 

Chana prices have been on a downtrend due to lower-than-expected festival demand and the availability of cheaper substitutes such as yellow peas.

Prices of chana in Indore in Madhya Pradesh were down by INR 75 from Friday at INR 7,375-7,400 per 100 kg, according to the India Pulses and Grains Association.

TUR prices in Akola were steady at INR 9,800-9,850 per 100 kg, Kedia said. Arrivals were down by 100 bags to 150 bags (1 bag = 50 kg). "Prices are not seen falling further, and may remain steady in the lower range," he said. Tur had been on a downtrend for a few weeks, but is steady currently as last-minute buying by millers to meet festival needs has limited the losses, he said. Prices could also temporarily rise post-Diwali, when there is normal demand from millers. Moreover, arrivals of tur are currently low, and mills will be able to buy tur only when the new tur arrivals begin during the end of November, which could again support prices, he said.

Prices of tur at Kalaburagi in Karnataka were steady at INR 9,969-10,611 per 100 kg, according to the association. Arrivals were up by 60 bags to 682 bags (1 bag – 50 kg).

URAD prices in Jalgaon in Maharashtra were steady at INR 8,300-8,600 per 100 kg, according to the association. Prices of urad in Lalitpur in Uttar Pradesh were also steady at INR 6,000-8,000 per 100 kg, with arrivals steady at 5,009 bags (1 bag = 50 kg), according to the association.

The new urad crop is in a good position, said Prem Kogta, a mill owner from Jalgaon. "Prices of urad could remain steady in the lower range for now," he said. Unless the new crop suffers damage due to heavy rainfall caused by the late withdrawal of the southwest monsoon, prices of urad will not change. "While it is difficult to pinpoint, prices could also fall further when the new crops start arriving," he said.  End

Edited by Akul Nishant Akhoury

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