MUMBAI (Commodity Online):Absence of fresh Fundamental factors kept trend sideways for Chana.
Profit booking at higher levels prevented major uptrend for this commodity as overall trend remained slight firm in the Spot markets. Raising MSP of Rabi crop supported market sentiments.
MSP of Gram was raised by 33% to Rs 2800/Q from Rs 2100/Q. This is likely to support Chana rates in medium term.
Traders feel that rates have moved up significantly over last few months —and even though Festive demand continues, some selling pressure cannot be ruled out before demand picks up again at the lower levels.
1st Advance Govt estimates of a fall in Pulses production to 6.43 million tonnes vs last estimates of 7.12 million tonnes could support the short to medium term rates for Chana.
The other major producers for Pulses namely Myanmar, Australia and Canada are likely to report a fall in Pulses production due to adverse weather conditions in those countries. The Indian imports are likely to get costlier in coming months which could support the Chana rates.
Shifting to other more lucrative crops like Cotton and soyabean have resulted in lower acreage for chana.
Courtesy: Religare Commodities
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