Chana gained Rs 68 and settled at Rs 3609 per quintal as unfavourable weather conditions in key growing areas could hamper harvesting and affect yields.
The weather department has forecast that rains and thundershowers could occur in Uttar Pradesh, Madhya Pradesh, Rajasthan, Punjab and Haryana in next two days and it is supporting the prices.
Chana, a winter-sown crop, is cultivated in October-November and harvested in February-March.
According to Second Advance estimates Pulses output is expected to fall by 5.26% to 17.29 mln tonnes as compared to 18.24 mln tonnes in 2010- 11.
Chana production is expected to decline by 6.8% to 7.66 mln tonnes as compared to 8.22 million tonnes in the last year.
According to the Rajasthan farm department’s first advance estimates for Rabi crops, Chana output is estimated 7.8% lower at 14.75 lakh tonnes in 2011-12 seasons against 16 lakh tonnes in 2010-11.
As per Rajasthan farm department’s first advance estimates for Rabi crops, Chana output is esti-mated down 7.8% at 14.76 lakh tonnes in 2011-12 season vs 16 lakh tonnes in 2010-11.
Output in Maharashtra in 2011-12 is seen down 42% at 7.5 lakh tn, while Karnataka’s 2011-12 output is seen at 4.98 lakh tn compared to 6 lakh tn last year. In Delhi spot market, Chana jump up by 75 rupee to end at 3725 rupee per 100 kgs.
The volume was noted at 229410 lots. Support for chana is at 3548 below that could see a test of 3487. Resistance is now seen at 3669 above that could see a resistance of 3729.
Trading Ideas:
Chana trading range for the day is 3487-3729.
Chana ended with gains as unfavourable weather conditions in key growing areas could hamper harvesting
Pulses output is expected to fall by 5.26% to 17.29 mln tonnes as compared to 18.24 mln tonnes in 2010- 11
NCDEX accredited warehouses chana stocks dropped by 13 tonnes to 19428 tonnes.
In Delhi spot market, chana jump up by 75 rupee to end at 3725 rupee per 100 kgs.
Courtesy: Kedia Commodities
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