MCX Crude Oil may trade in a range between 3488-4044
MCX Silver may trade in a range between 36900-38536
Gold market under fresh buying; Support seen at 31073
MCX Cotton under fresh buying; Resistance seen at 22050
MCX Zinc under long liquidation
Technically Chana market is under fresh selling as market has witnessed gain in open interest by 8.56% to settled at 31190.
Now NCDEX Chana is getting support at 4585 and below same could see a test of 4565 level, And resistance is now likely to be seen at 4635, a move above could see prices testing 4665.
Chana traded in range after prices seen some support amid prospects of lower output following a decline in sowing area this year. Chana production is expected to fall this year in the key growing states has supported prices.
Chana acreage is anticipated to fall this season due to drought like situation in major producing states such as Madhya Pradesh and Rajasthan. Rajasthan has sown gram on 1.2961 million hectare as on Dec 4 compared to 1.3956 million hectare in the same period a year ago, according State’s Agriculture data.
Chana acreage in Gujarat was reported at 130,604 hectare as on Dec 3 compared to 247,600 hectare in the corresponding period last year, according to State’s Agriculture Department report. According to Department of Agriculture Co-operation and Farmers Welfare data, as on Nov 30 chickpea was sown on 7.046 million hectare compared to 8.302 million hectare in the same period last year.
Chana was sown on 6.265 million hectares as on Nov 22 compared to 7.198 million hectares in the same period a year ago, according to the data from the Ministry of Agriculture. Meanwhile, stocks of chana in physical market are lower as government extended the import restriction till December.
The government raised the import duty to 60% from 40% on chana in March this year to restrict cheaper imports and to help farmers following a record harvest. Nafed sold 55,100 tons of gram in Andhra Pradesh while in Telangana the agency sold 27,301 tons.
Trading Ideas:
–Chana trading range for the day is 4565-4665.
–Chana traded in range after prices seen some support amid prospects of lower output following a decline in sowing area this year.
–Chana acreage is anticipated to fall this season due to drought like situation in major producing states such as Madhya Pradesh and Rajasthan.
–NCDEX accredited warehouses Chana stocks dropped by 20 tonnes to 10245 tonnes.
–In Delhi spot market, chana dropped by -20.7 Rupees to end at 4479.3 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
