Chana gained Rs 135 and settled at Rs 3504 per quintal on hopes of an increase in consumer demand during the approaching 'holi' festival and on expectations of lower output.
India is the largest producer of chickpea, or chana, followed by Pakistan, and contributes around 70 percent of the world's total production.
A winter-sown crop, it is the largest produced pulse crop in the country, with a 40 percent share of the total pulse production.
Output of Chana (gram) will be lower this year by about 10 per cent as the crop was affected by adverse weather conditions in the main producing states of Andhra Pradesh, Karnataka, Maharashtra and Rajasthan.
According to government data, last year the production was about 8.2 million tonnes.
This will put pressure on prices, which is likely to see upward movement from April. Similarly, the overall pulses production is also likely to dip by about 1 mt to 17 mt compared with 18 mt last year.
The total daily arrivals of chana were hovering at the levels of around 1.05 lakh bags in the entire major mandis against 1.15 lakh bags on last day.
In Delhi spot market, Chana jump up by 139.05 rupee to end at 3518.05 rupee per 100 kgs. The volume was noted at 147330 lots.
Support for chana is at 3415 below that could see a test of 3327. Resistance is now seen at 3548 above that could see a resistance of 3593.
Trading Ideas:
Chana trading range for the day is 3327-3593.
Chana gained on hopes of an increase in consumer demand during the approaching 'holi' festival
Overall pulses production is also likely to dip by about 1 mt to 17 mt compared with 18 mt last year
NCDEX accredited warehouses chana stocks dropped by 1 tonnes to 18318 tonnes.
In Delhi spot market, chana jump up by 139.05 rupee to end at 3518.05 rupee per 100 kgs.
Courtesy: Kedia Commodities
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