Commodity Trading Tips for Chana by Kedia Commodity

Ajay Kumar Kedia 13 August 2013

Chana Chana yesterday settled up 3.03% at 2857 tracking firm cues from the spot market where demand improved at lower levels. Expectations of higher consumption in the upcoming festival season further extended the gains to some extent. The progress on the kharif pulses harvest front is impressive. As per latest release from Ministry of Agriculture, the acreage under pulses has shot up by 26.21% to 79.5 lakh hectares. This is mainly due to strong sowing of Tur and Urad in Maharashtra. The total output of Chana is likely to be 8.57 million tonnes in the current year. This marks a gain of 11.29% compared to the last year's production of 7.57 million tonnes. Rabi Pulses output is likely to be 12.09 million tonnes, up 9.61% on the year. Chickpea production in the country is estimated at 8.8 mn tons in 2012-13 season, according to the fourth advance estimates released by the Ministry of Agriculture. The area sown under pulses for 2013-14 kharif crop touched 79.50 lakh hectares (lh) as on 02 August 2013 higher when compared to 62.99 lh during the same period last year, as per the data released by the Ministry of Agricultures. India's food grain production in 2012-13 year is estimated at 255.36 mn tons, lower when compared to 259.29 mn tons recorded in the last year. Also, pulses output is projected at record 18.45 mn tons, as per 4th Advance Estimates of Food-grain Production released by the Ministry of Agriculture, last month. Tur production in the country is projected at 3.07 mn tons, urad 1.90 mn tons, moong 1.20 mn tons, gram 8.88 mn tons. In Delhi spot market, chana gained by 73 rupee to end at 2923.5 rupee per 100 kgs. Now Chana is getting support at 2808 and below same could see a test of 2758 level, And resistance is now likely to be seen at 2882, a move above could see prices testing 2906.