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Chana Futures Slide Near Two Month Low, Market Focuses On Supplies

Chana Futures Slide Near Two Month Low, Market Focuses On Supplies

May 26, 2021 12:09 IST | capital market
The NCDEX Chana futures slipped today, extending recent losses as hopes of improving supplies in coming days clubbed with higher crop estimates weighed on the counter. As per Third Advance Estimates for 2020-21, the total Pulses production during 2020-21 is estimated at 25.58 million tonnes which is higher by 3.64 million tonnes than the last five years average production of 21.93 million tonnes. This kept the undertone lax for Chana futures amid an overall weak movement for agri counters today. The daily Covid-19 cases in the country fell to near one and half month low under 200000 mark this week, raising hopes that the regional lockdowns will be eased in coming weeks and the movement of agri commodities will be much smoother. This can lead to additional supplies in mandies. The NCDEX Chana futures for June fell near a two month low of Rs 5120 per quintal and currently trade at Rs 5145 per quintal, down 0.19% on the day.

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