Commodity Trading Tips for Chana by KediaCommodity

Commodity Trading Tips for Chana by KediaCommodityChana gained Rs 81 and settled at Rs 3282 per quintal as demand started picking up at the lower levels. Better sowing activities reports from Rajasthan, MP and Maharashtra kept pressure on prices. Better production prospect for chana is expected for next year. As per latest data from Ministry of Agriculture-as on 2nd Dec, 2011 the sown area under Chana (Gram) crop is up by 2.03 lakh hectares at 75.95 lakh ha vs same period last year. 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 short to medium term rates for Chana. Forward Market Commission (FMC) has scrapped special margin of 10% on Chana on long side on all running contracts with effect from Friday December 09, 2011. According to the latest report by Ministry of Agriculture, pulses have been sown in 12.06 million hectares as on 8th December 2011, up 1.17% as compared to 11.92million hectares in the same period last year. In Delhi spot market, chana fell down by -8.35 rupee to end at 3200 rupee per 100 kgs. The volume was noted at 208000 lots. Support for chana is at 3183 below that could see a test of 3085. Resistance is now seen at 3349 above that could see a resistance of 3417.

Trading Ideas:

Chana trading range is 3085-3417.

Chana prices recovered and ended with gains as demand started picking up at the lower levels

Better sowing activities reports from Rajasthan, MP and Maharashtra kept pressure on prices

NCDEX accredited warehouses chana stocks dropped by 448 tonnes to 62491 tonnes.

In Delhi spot market, chana fell down by -8.35 rupee to end at 3200 rupee per 100 kgs.