Chana Report: Fundamentals strong as supply in the market is less
During last week, gram dal and gram flour registered a strong rise of Rs 25 per quintal due to continued demand. There was an improvement in the price of chana during the week. The price got support from limited supply due to Diwali holidays. Improvement in demand for gram dal and gram flour also strengthened the prices. Looking at the strong demand in NAFED gram tender, it is understood that the supply in private sector is weak. After removing the buffer stock and welfare scheme stock, the salable stock is now 1.70 lakh tonnes. This gram is expected to be sold in the next 9-10 sessions (around December 15). Meanwhile, gram sowing figures are still weak and declined by 10%, NAFED gram tender is ending in many centres; While new centers are not being added, at present a large part of NAFED chana will be for buffer, however, this is an initial estimate and the exact idea will be taken by December 15. Fundamentals of gram appear to be strong as the supply in the market is less. Everyone is dependent on NAFED chana and now it is also gradually decreasing. There will be a 1 month wedding season in which the consumption of gram dal/gram flour is expected to remain up. We believe that gram can be bought at the current price. The market can be seen at Rs 7000-7500.