Commodity Trading Tips for Chana by KediaCommodity

Ajay Kumar Kedia 18 April 2013

Chana Chana gained Rs 48 and settled at Rs 3687 per quintal on concerns over yield and crop quality in Madhya Pradesh while lower-than-expected supplies from Rajasthan also aided the upside. Supplies from the new season crop have started arriving from Rajasthan, Maharashtra and Madhya Pradesh. Farmers in Rajasthan are holding back supplies in anticipation of better prices. Seasonal demand from stockists and local buyers are strong. Unfavourable weather during the crucial growth stage has affected yields in some areas of Madhya Pradesh. There are some concerns over yields and quality of the crop in Madhya Pradesh, the top chana producer in the country, after it received unseasonal rainfall. Chana arrivals are stable today though prices are slightly lower. The supplies are witnessing a good upswing now as harvesting has already gotten over and farmers are bringing their produce to the mandies in large quantities. The total arrivals in Delhi's Lawrence Road mandi are 40 trucks - after hitting 60 trucks yesterday. Mausr arrivals are increasing and the Tur supplies in Uttar Pradesh are about to start soon. The pulses spectrum is looking mostly dull right now. Traders have reported fragile buying interest in local mandis with the anticipation of strong chana supplies from Rajasthan and Madhya Pradesh from April onwards. Traders are expecting the total chana production in the range of 67-70 lakh tonnes in the current year, up almost 7-9 lakh tonnes from the last year. In Delhi spot market, chana fell down by -13.85 rupee to end at 3590.3 rupee per 100 kgs. The volume was noted at 125230 lots. Support for chana is at 3635 below that could see a test of 3583. Resistance is now seen at 3717 above that could see a resistance of 3747.