Commodity Trading Tips for Chana by Kedia Commodity

Ajay Kumar Kedia 20 August 2013

Chana Chana yesterday settled down -1.39% at 2909 due to higher supplies and on expectations of a rise in the production of summer-sown pulses. Supplies are sufficient in the domestic market. Retail demand for chana flour is likely to pick up in the coming days, ahead of festivals such as Rakshabandhan and Ganesh Chaturthi. The arrivals in Delhi market totaled 40 trucks today, same as yesterday. The supplies in last week averaged around 35/40 trucks per day. 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 area sown under pulses for 2013-14 kharif crop touched 79.50 lakh hectares (lh) 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. In Delhi spot market, chana dropped by -50 rupee to end at 3050 rupee per 100 kgs. Now Chana is getting support at 2883 and below same could see a test of 2858 level, And resistance is now likely to be seen at 2947, a move above could see prices testing 2986.