NCDEX Chana under fresh selling; Support seen at 5118
Commodity Online | June 11 2021
UPDATED 12:10:22 IST

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MCX Zinc under long liquidation; Resistance seen at 234.1

MCX Copper under long liquidation; Support seen at 688.7

Technically Chana market is under fresh selling as market has witnessed gain in open interest by 8.16% to settled at 126600 while prices down 47 rupees.

Now NCDEX Chana is getting support at 5118 and below same could see a test of 5090 levels, and resistance is now likely to be seen at 5196, a move above could see prices testing 5246.

Chana yesterday settled down by 0.91% at 5146 on profit booking after prices seen supported 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 dropped by 51.5 Rupees to end at 5075 Rupees per 100 kgs.

Trading Ideas:
--Chana trading range for the day is 5090-5246.
--Chana dropped on profit booking after 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 dropped by 51.5 Rupees to end at 5075 Rupees per 100 kgs.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Coriander Seeds 2 8450.00
Green Chilli Seeds NR 3000.00
Ginger 6 2900.00
Cucumber 1 1500.00

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