NCDEX Chana likely to trade between 5099-5203 levels
Commodity Online | June 24 2021
UPDATED 12:10:30 IST

MCX Mentha Oil likely to move in a range of 947.1-960.7

MCX Aluminium may trade between 202.5-207.7 levels

MCX Nickel likely to move in a range of 1447.1-1483.3

MCX Zinc under long liquidation; Resistance seen at 243.7

MCX Copper under fresh selling; Support seen at 724.4

Technically Chana market is under long liquidation as market has witnessed drop in open interest by 1.09% to settled at 118700 while prices down 33 rupees.

Now NCDEX Chana is getting support at 5119 and below same could see a test of 5099 levels, and resistance is now likely to be seen at 5171, a move above could see prices testing 5203.

Chana yesterday settled down by 0.64% at 5138 on profit booking ahead of sowing report which can report higher sowing under Pulses area compare with last year.

However 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 dropped by 6.5 Rupees to end at 5093.5 Rupees per 100 kgs.

Trading Ideas:
--Chana trading range for the day is 5099-5203.
--Chana dropped on profit booking ahead of sowing report which can report higher sowing under Pulses area compare with last year.
--However 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.
--In Delhi spot market, chana dropped by 6.5 Rupees to end at 5093.5 Rupees per 100 kgs.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 2 14600.00
Ghee 2.2 39600.00
Coconut Oil 10 19350.00
Arecanut 42 40005.00

More