NCDEX Chana likely to trade between 5098-5234 levels
Commodity Online | June 14 2021
UPDATED 12:10:02 IST

MCX Mentha Oil likely to move in a range of 935.7-961.3

MCX Aluminium may trade between 199.8-209.8 levels

MCX Nickel likely to move in a range of 1469.4-1530.6

NCDEX Chana may trade between 5032-5304 levels

MCX Zinc under fresh buying; Resistance seen at 248.6

Technically Chana market is under fresh buying as market has witnessed gain in open interest by 5.81% to settled at 133960 while prices up 25 rupees.

Now NCDEX Chana is getting support at 5135 and below same could see a test of 5098 levels, and resistance is now likely to be seen at 5203, a move above could see prices testing 5234.

Chana yesterday settled up by 0.49% at 5171 as there is a strong possibility of shortage in pulses production, especially due to uncertainty over sowing this crop year due to the pandemic. The country is most likely to face scarcity of pulses this year including masoor, chana and other pulses.

There could be a shortage of around 10 lakh tonne in the production of tur this year. As the apex body for the trade, IPGA is bringing it to the notice of the government well in advance to augment the supply side.

However, as per trade estimates, the production for tur has been around 2.90 million tonne, urad approximately 2.06 million tonne, moong around 2 million tonne, Chana around 9 million tonne and masoor around 0.95 million tonne.

India’s supply of Kabuli chickpea is expected to plunge 32 percent to 396,000 tonnes due to low carryout and very poor production prospects for all of India’s rabi (winter) season crops. Exports will fall to an estimated 50,000 tonnes, down from 115,000 tonnes each of the previous two years.

The situation is so dire that India is expected to import 50,000 tonnes from Canada, Argentina and Turkey. In Delhi spot market, chana gained by 19.05 Rupees to end at 5094.05 Rupees per 100 kgs.

Trading Ideas:
--Chana trading range for the day is 5098-5234.
--Chana prices seen supported as shortage of pulses likely as production expected to decline
--The country is most likely to face scarcity of pulses this year including masoor, chana and other pulses.
--India’s supply of Kabuli chickpea is expected to plunge 32 percent to 396,000 tonnes due to low carryout and very poor production prospects
-- In Delhi spot market, chana gained by 19.05 Rupees to end at 5094.05 Rupees per 100 kgs.

Courtesy: Kedia Commodities

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