Chana futures traded sideways for the third consecutive day on Thursday after plunged 4% on Monday. Government increase MSP by 10% to Rs. 4,400 per quintal by the government. Futures prices are well above the MSP prices while sufficient stocks levels in the country and good production forecast for next season may keep the prices near MSP during the sowing season.

Outlook

Chana futures may trade sideways to lower as country have sufficient stocks still the new season Chana arrive in March Next year. Market participants are expecting higher production during the new season also bearish for the prices.

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