Commodity Online MUMBAI: Movement in both directions was seen in chana and prices finally closed marginally below the previous close. Trend however still seems positive. Buying on dips is seen as prices closed well above the day’s low.
Spot market demand remains satisfactory and buying queries have increased with the traders. Prices are likely to remain positive in near future.
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.
Trading platform that even a 5 year old can trade. Join nowLower 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.
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
