Chana gained Rs 57 and settled at Rs 3328 per quintal on expectation of lower harvest in the current season. Arrivals have started in key southern states, but initial trend suggests there could be a decline in overall pulses output in the country.
Chana arrivals are expected to gather momentum in March, particularly in Madhya Pradesh and Rajasthan, the top two producing states.
Until then, the prices are expected to remain firm. 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.
Reports of decline in Pulses production especially Tur from states like AP, Maharashtra and Karnataka due to reported lower rainfall activities there, could support Chana rates in medium term but short term trend looks weak.
The total daily arrivals of Chana were reported at around 1.20 lakh bags in the entire major mandis against 1.10 lakh bags on last day.
In Delhi spot market, chana jump up by 10.55 rupee to end at 3335.55 rupee per 100 kgs.
The volume was noted at 83780 lots. Support for chana is at 3284 below that could see a test of 3239.
Resistance is now seen at 3356 above that could see a resistance of 3383.
Chana trading range for the day is 3239-3383.
Chana rose on expectation of lower harvest in the current season
Chana arrivals are expected to gather momentum in March, particularly in Madhya Pradesh and Rajasthan
NCDEX accredited warehouses chana stocks dropped by 402 tonnes to 20636 tonnes.
Courtesy: Kedia Commodities
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