India: Chickpeas prices gained

MUMBAI: Imported chickpeas and Kabuli chickpeas moved higher during the mid-session at Mumbai spot market today amid improved mills buying activity.

Moreover, good action in processed pulses was witnessed ahead of the festival season from retail counters.

Russia-Sudan Kabuli chickpeas are priced higher by the US $ 1.34 – $ 2.69 per quintal respectively on better mills purchase and fresh supplies of new crop from Sudan.

However, scarcity in overseas supply from Russia because of restrictions on imports due to customs duty of 40 per cent.

Tanzania chickpeas prices gained the further US $ 1.34 to $ 700 – $750 per mt on millers demand. Following firm cues from future and less ready stock despite Nafed and FCI active liquidating procured chickpeas stock in various states.

Chickpeas for September delivery on National Commodity Exchange trading 4 per cent upper circuit or the US $ 698.05 pmt. Earlier in the day, the contract hovered in a range of US $ 691 pmt.

However, SEBI has banned the launch of new futures contracts in China. SEBI said no new position would be allowed to be taken, and only squaring up positions will be allowed.

Also, traders are in apprehension that the government may change the present duty structure on import Kabuli chickpeas or remove a ban on the import of white pea.

Cautious trade was witnessed at existing rates due to government policy.

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