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

View the original article here

NCDEX chana drops 1.09% on profit taking

Last Updated : October 28, 2011 16:04

MUMBAI (Commodity Online): Chana futures declined Friday on profit booking by the traders though firm demand in the local markets during the festive seasons limited the downtrend.

At NCDEX chana November contract is trading at Rs.3437 per quintal, a decline of 1.09 per cent against the previous close.

In the early sessions the contract traded at a range of Rs.3373-3484 per quintal. Open interest of the contract is 127440 lots and volume traded is 126290 lots for the time being.

Raising MSP of Rabi crop supported market sentiments where an overall bullish sentiment was already prevailing. MSP of Gram was raised by 33% to Rs 2800/Q from Rs 2100/Q.

As per the latest release of the Rajasthan Agriculture department, 228200 hectares has been covered under Chana cultivation as on 18th October 2011. In Maharashtra area sown under Chana cultivation stands around 6100 hectares till 18th October 2011.

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