NCDEX CHANA UPDATE

Chana settled down by -1.71% at 4299 as pressure seen on prices after the NCDEX imposed a special cash margin of 10 percent on long side. Further, government allows duty-free imports of pulses until March next year and the reports of monsoon revival in chana growing region impart bearish sentiments.

 However, the duty concession on chickpea, or chana, extended only until this December to ensure remunerative prices to farmers and encourage them to plant the crop. 

According to the latest govt data, country has imported about over 1.52 lakh tonnes of chana in during first three months of MY 2015-16. The current zero duty on pulses ends on September 30.

 The agriculture ministry has suggested 10% import duty on pulses to boost domestic production and encourage farmers to bring more irrigated areas under pulses production. As per 4th Advance Estimates for 2014-15, Chana production is estimated at 7.17 million tonnes (mt) against 7.59 mt in 3rd estimate Latest Govt figures put kharif Pulses sown area till 11th Sept 2015 at 110.08 lakh ha, vs 99.14 lakh ha.

Chana trading range for the day is 4176-4466.
Chana prices ended with losses as pressure seen on prices after the NCDEX imposed a special cash margin of 10 percent on long side.
Further, government allows duty-free imports of pulses until March next year and the reports of monsoon revival in chana growing region.
NCDEX accredited warehouses chana stocks dropped by 5339 tonnes to 88436 tonnes.
In Delhi spot market, chana dropped by -14.7 rupee to end at 4500 rupee per 100 kgs.

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