Chana heads south

COMMODITY SPIKES

Low physical demand and the government's measure of importing pulses are expected to keep the chana futures market bearish next week. Market sources are surprised that the demand is not picking up despite the festival season.

Last week, futures prices were down by almost Rs 67 a quintal from Rs 2,272 to Rs 2,205, with the market registering a major fall in the last four trading sessions.

According to commodity analysts, the chana market will witness bearish sentiments this week. They added that last year, around this time, the country did not have enough stocks, resulting in the commodity touching very high levels.

This time, in the warehouses of the national exchanges, the overall stocks is to the tune of around 24,000 tonnes. Arrival in the Delhi mandis stood at 300-350 tonnes on Saturday. Analysts said that prices could even come down to as low as Rs 2,170 a quintal this week.