Chana yesterday settled down -0.32% at 3097 on higher supplies from producing regions due to the reports of good progress in the summer sowing of pulses on ample monsoon rains. Further, weak demand from the millers and decline in arrivals on account of rains in major producing belts of the country too influenced the chana prices. Good rains in the Kharif Pulses growing states kept sentiments weak for Chana even as trading activities got adversely affected by the on-going rains. Festive season demand is however picking up. There are signs of some improvement in sentiments for the Chana market. The overall demand in ready daal market is picking up now. Prices are off their two-year lows in Delhi. The arrivals in Delhi's Lawrence Road mandi are 30 trucks today, similar to last session. 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. Some talk is emerging about moong crop in Karnataka getting affected. Higher sowing of kharif pulses and favourable weather is keeping chana prices under pressure. Farmers began planting summer-sown or kharif pulses well ahead of their normal schedules this season because of heavy rains. Summer-sown pulses have been planted on 1.84 million hectares as of July 5 as compared with 0.40 million hectares in the same period a year earlier. In Delhi spot market, chana dropped by -28 rupee to end at 3131.3 rupee per 100 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -0.11% to settled at 212100 while prices down -10 rupee, now Chana is getting support at 3081 and below same could see a test of 3064 level, And resistance is now likely to be seen at 3117, a move above could see prices testing 3136.
Chana trading range for the day is 3065-3137.
Chana dropped on higher supplies from producing regions due to the reports of good progress on ample monsoon rains
Weak demand from the millers and decline in arrivals on account of rains influenced the chana prices
NCDEX accredited warehouses chana stocks gained by 603 tonnes to 154679 tonnes.
In Delhi spot market, chana gained by 32 rupee to end at 3101.65 rupee per 100 kgs.
- Scientists say death of a partner may cause an actual ‘heartbreak’
- Trump Criticizes Ford’s Move of Building a New Assembly Plant in Mexico
- Reportedly Pfizer and Allergan Plan to End Merger Deal with New Stricter Tax Rules
- Dollar Close to Its Seventeen Month Low Against the Yen
- Iceland’s Prime Minister Resigns after Panama Paper Leak