NCDEX Chana futures tumbled on Monday as on account of huge profit selling in the commodity market after recent gains. The NCDEX futures for January hit a 1- month high above Rs, 5000 per quintal in the last session, but a slight undertone in ready market demand for pulses resulted from the prices going down today.
Traders are looking for a lift up in sowing subsequent to the recent govt announcement on export and import aimed at increasing the productivity in local pulses and in turn giving a fillip to the prices.
However, the sowing would gain support by December month and until that time; no clear triggers are expected to weigh on the market. This can keep Chana in a sideways mode with traders opting to book profits on rallies.
The NCDEX chana January futures are trading at Rs 4,834 per quintal, down 1.30 percent on Monday.
Get Two Days Free Trial click here