MCX Cotton likely to move in a range of 21040-21500
NCDEX Jeera under short covering; Support seen at 16770
NCDEX Turmeric under long liquidation; Resistance seen at 6912
NCDEX Mustard Seed likely to move in a range of 3895-3973
MCX Crude Palm Oil under short covering; Support seen at 553.6
Technically Chana market is under fresh selling as market has witnessed gain in open interest by 0.4% to settled at 113110 while prices down 34 rupees.
Chana on NCDEX settled down by 0.8% at 4191 as millers are engaged in need based buying despite lower arrival in major markets. Likely commencement of selling in MP and UP may put further pressure on chana price.
Chana production has been pegged at 10.13 MMT against target of 11.50MMT for 2018-19. For 2017-18 final Chana production estimate has been fixed at 11.38 MMT. In 2018/19, chana output forecast at 103.2 lt in 2ndadvance estimated by Government, down 8% on year due to 10% less area.
Currently, chana attracts 60% import duty since Mar 2018 which restricted imports. Chana, imports are down 85.1% to 1.43 lt in 2018/19 (Apr-Jan) compared to 9.58 lt last year, while exported are close to 2 lt of chana compared to 68,000 tonnes last year.
According to the second advance estimate released by the government, chana production estimate for 2018-19 is 10.32 million MT which is 8.10percent lower than the 4th advance estimate of 11.23 million MT of 2017-18.
Chickpea area in Australia is expected to increase 22.11% from 303(2018-29) to 370 thousand ha in 2019-20. Even production is expected to increase by29.79 % to 3.66 lakh MT in 2019-20. It was 2.82 lakh MT in 2018-19.
–Chana trading range for the day is 4149-4259.
–Chana settled down as millers are engaged in need based buying despite lower arrival in major markets.
–Likely commencement of selling in MP and UP may put further pressure on chana price.
–In 2018/19, chana output forecast at 103.2 lt in 2ndadvance estimated by Government, down 8% on year due to 10% less area.
–In Delhi spot market, chana dropped by 36.8 Rupees to end at 4164.3 Rupees per 100 kgs.
Courtesy: Kedia Commodities