MUMBAI (Commodity Online): The initial uptrend was followed by some profit booking at the higher levels. During the last 2 days, domestic demand in the mandis had risen considerably and traders expect demand to remain firm on dips.
Firm trend in other Pulses from reports of damage to Urad and Tur crop in South are likely to provide the support to the chana rates
A higher production expectation for chana can however have some bearish impact on the rates. Higher stock levels can have some bearish impact on rates.
Rains in MP and Maharashtra a few weeks back had improved the sowing prospects. Sowing going on in Maharashtra, AP and Karnataka. Sowing activities likely to start earlier in some areas in South due to the rains received there
Trade sitting at the comfort of home. Start with a mere 50$ Rains in Maharashtra have improved the sowing prospects there. Similar has been the case in MP and Rajasthan where rains at this time would be beneficial for the sowing aspects.
Chana being prices lower than other pulses – its demand is expected to rise more than others. Expectations of lower output in other Pulses is keeping their rates firm. However Govt is keeping eye on prices and steps to control prices cannot be ruled out if rates rise significantly
Courtesy: Religare Commodities
