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- NCDEX Turmeric bearish on weak spot demand
- On Friday trade, Turmeric rose to a high of 6070 Rs/qtl at 12.14 am IST and is expected to trade negative in the near term. Support is at 5940, 5860 levels and resistance at 6120 & 6180, analyst said.
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MUMBAI(Commodity Online): On the NCDEX, overall trend of chana is looking negative due to better crop estimates. Increased acreage has resulted in the rise of output.
The contract is trading on a positive note at Rs.3422 , a gain of 0.77% as of 12.15 PM IST, Tuesday.
“Over all trend for chana is looking negative and traders are advised to follow sell on rise strategy,” said Milan Shah, Research Analyst at Commodity online.
“Support for the commodity is seen at 3350 while 3490 is the resistance,” he added.
As per second advanced estimates of the government, India's pulses production is likely to rise to 17.58 million tons in 2012-13 , up from 17.09 million tons in 2011-12.
Sown area for Chana has reportedly increased to 94.78 lakh ha vs 89.92 lakh ha in corresponding periods which will help to increase the production.
Good weather conditions in growing areas of India's Madhya Pradesh, Maharashtra and Rajasthan have been responsible for the improved productivity and production prospects
Regular imports are also preventing major uptrend for Chana rates. Rates of chana have fallen considerably over last few months and traders expect pick up in demand over the next few weeks with the new crop arrivals
