Commodity Trading Tips for Chana by Kedia Commodity

Ajay Kumar Kedia 23 August 2013

Chana Chana yesterday settled down -1.62% at 3033 on hopes of better sowing in the winter-months due to good monsoon rains, while hopes of higher summer-sown output weighed on the sentiment. Local demand for chana flour is likely to pick up in the coming days, ahead of Ganesh Chaturthi, a local festival. India's National Commodity and Derivatives Exchange (NCDEX) will withdraw a 5 percent special margin on the short side of chana, with effect from Friday. The arrivals in Delhi market edged up to 40 trucks today after witnessing an inflow of just 25 trucks per day in the week Demand from retailers is very strong in all ready pulses. 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. The traders are eying moong arrivals to start from August end from Rajasthan. However, heavy rains in Maharashtra could hurt the output of Tur and Urad. A good pick up is also being expected in demand for Masoor in coming days. The total output of Chana is likely to be 8.57 million tonnes in the current year. In Delhi spot market, chana gained by 68 rupee to end at 3218.5 rupee per 100 kgs. Now Chana is getting support at 3003 and below same could see a test of 2973 level, And resistance is now likely to be seen at 3091, a move above could see prices testing 3149.