NCDEX Chana under short covering; Support seen at 4056
Commodity Online | April 08 2020
UPDATED 12:10:55 IST

NCDEX Chana under long liquidation; Support seen at 4081

MCX Cotton under fresh selling; Support seen at 15690

MCX Mentha Oil likely to move in a range of 1063-1074

NCDEX Jeera under fresh selling; Support seen at 13520

MCX Aluminium may trade between 130.5-132.9 levels

Technically Chana market is under short covering as market has witnessed drop in open interest by 2.12% to settled at 9220 while prices up 20 rupees.

Now NCDEX Chana is getting support at 4056 and below same could see a test of 4010 levels, and resistance is now likely to be seen at 4132, a move above could see prices testing 4162.

Chana yesterday settled up by 0.49% at 4101 after update in Indore Chana output may drop by 15% this rabi season.Besides, demand started increasing due to increasing fear of spreading Covid-19. Supreme Court of India next hearing regarding case of pulses import will be on 4th April-2020.

It seems that Jaipur High Court would not hear this case on 6th April as it has moved now to Supreme Court of India.

As per latest report by The Canadian Grain Commission Canada has exported 1,382,600 MT peas in ongoing MY so far till Jan-2020.It is up by 45% from last year till Jan 2019.In Jan alone, total 1,34 300 MT has been exported.

Canada has exported 1,036,800 MT last year tillJanuary-2019. National Agricultural Cooperative Marketing Federation of India has bought 7,475 tn of chana from farmers in Andhra Pradesh, an official with the agency said.

The crop is from the 2019-20 (Jul-Jun) kharif season. The government has pegged 2019-20 chana crop at 11.2 mln tn compared with 9.9 mln tn harvested last year in second advance estimates.

Chana output in the country is expected to be over 11 mln tn in 2019-20 (Jul-Jun) against 10.1 mln tn last year, primarily due to higher area under the crop and a rise in yield, a senior official with the farm ministry said.

Trading Ideas:
--Chana trading range for the day is 4010-4162.
--Chana prices rallied after update in Indore Chana output may drop by 15% this rabi season
--NAFED has bought 7,475 tn of chana from farmers in Andhra Pradesh, an official with the agency said.
--As per latest report by The Canadian Grain Commission Canada has exported 1,382,600 MT peas in ongoing MY so far till Jan-2020
--In Delhi spot market, chana remains unchanged at by 0 Rupees to end at 4070 Rupees per 100 kgs.

Courtesy: Kedia Commodities