Reports of lower rains from Govt announcements had a bullish impact on the price for chana. The overall productivity of Pulses is dependent on the monsoon factor.
There are chances of recovery of monsoon over the next few days, but if that does not happen, more upside movement can be possible for the commodity.
Lower selling activities by stockists at these low levels are expected to provide support to the prices that have fallen considerably over past few weeks. Firmness in other Pulses too could provide the supporting factor.
Trade commodities or equities from across the globe. Join NowA higher stock level in the mandis have been a bearish factor which has prevented the upside movement.
Overall, good production estimates has put a cap on the rising prices. As per reports from Federal Farm Ministry, output may rise by 13.7% to 6.54 million tons in 08/09 compared with 5.75 million tons a year ago.
Courtesy: Religare Commodities
