Chana gained Rs 16 and settled at Rs 2564 per quintal on healthy demand in the spot market and a likely delay in arrivals, though hopes of a bumper output capped the upside. Chana production in Australia in 2010-11 is estimated at 4.15 lakh tons from last year’s output 4.45 lakh tons, showed a latest report of Australian Bureau of Agriculture and Resource Economics and Science (ABARES). Export is estimated to drop from 4.55 lakh in 2009-10 tons to 4.06 lakh tons this year. Domestic consumption is projected at 21,000 tons from previous year’s 36,000 tons. Total arrivals of chana in Delhi were around
30 motors. In Delhi spot market, chana jump up by 11.45 rupee to end at 2461.45 rupee per 100 kgs. The volume was noted at 62810 lots. Support for chana is at 2550 below that could see a test of 2535. Resistance is now seen at 2572 above that could see a resistance of 2579.

Trading Ideas:

Chana trading range is 2534-2578.

Chana settled positive on healthy demand in spot market and a likely delay in arrivals

Chana is taking resistance at 2572 and support is seen at 2550.

NCDEX accredited warehouses chana stocks fell 2 tonnes to 17591 tonnes.

In Delhi spot market, chana jump up by 11.45 rupee to end at 2461.45 rupee per 100 kgs.