Volatile trend to witness in India chana

Last Updated : November 03, 2011 10:17

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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Volatile trend to witness in India chana

Last Updated : November 03, 2011 10:17

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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India jeera may witness mixed trend

Last Updated : October 28, 2011 10:44

MUMBAI (Commodity Online):No new Fundamental reports were there as Unjha mandi remained closed for Festival this week, Jeera traded with high volatility.

There have been some recovery in the market rates and short covering at these levels cannot be ruled out by this week end. Exporters reportedly waiting for the prices to fall before initiating fresh demand in the markets.

Firmness in International market rates from Turkey and Syria could support the Indian rates –as per traders.

Medium term trend looks firm from expected rise in export demand but short term trend is expected to remain volatile. A firmness in Dollar vs Re too could support the export factor.

Reports of adverse weather conditions in other major producers like Turkey and Syria have created apprehensions of lower output there. Syrian production expected at 40000 tonnes and that in Turkey lower at 12-15000 tonnes.

Indian production expected at 28-30 lakh bags translating to more than 1.5 lakh tonnes.

Export demand from US and EU could also rise at these lower levels in coming weeks and that could have a moderate bullish impact on the prices.

Latest reports from Spice Board of India indicates the estimated exports of Spices for the period April-August 2011 have fallen by 23% from 255,100 MT in 2010 to 195,500 MT in 2011. Jeera exports fell by 39% from 15,700 MT to 9,500 MT during the same period.

Courtesy: Religare Commodities

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India potato futures weaken on profit booking

Last Updated : October 28, 2011 12:44MUMBAI (Commodity Online):India Potato futures that witnessed a rally in the beginning of the week on spot market demand and restricted supplies from producing regions has weakened on Friday morning trade on profit booking at higher levels.

Potato March futures at National Commodity and Derivatives Exchange of India (NCDEX) has fallen 1.59 % on Friday to Rs 626.60 as against previous closing price of Rs 636.30. The contract had climbed 5% this week till Thursday. At Multi-Commodity Exchange of India MCX Potato March futures is down 1.75% at Rs 675.10. The contract gained 4.42% till Thursday this week at Rs 685.40 per quintal.

Analysts said that restricted supplies and speculative activity continues to provide firm support to potato futures.

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India soybean weakens on ample supply

Last Updated : October 28, 2011 15:15

MUMBAI (Commodity Online): Soybean futures fell Friday due to rising supply in the physical markets on the back of fresh arrivals from the producing areas.

Poor demand from the domestic as well as overseas buyers also put pressure on the soybean futures.

At NCDEX soybean November is trading at Rs.2212.50 per 10 MT, a decline of 1.68 per cent on 15:05 IST as against the previous close.

In the early session the contract traded at a range of Rs.2207.50-2259.50 per quintal. Open interest of the contract is 131660 lots and volume traded is 53560 lots for the time being.

As per USDA’s weekly export inspections came in at 41.15 million bushels which was in line with trade expectations and compares with an average of 27.8 million necessary each week to reach the USDA projection.

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