MCX Mentha Oil under fresh selling; Resistance seen at 1493
Zinc market under long liquidation; Support seen at 171.6
MCX Cotton under short covering
NCDEX Jeera under short covering; Support seen at 17125
Copper market under short covering; Support seen at 414.3
Technically Chana market is under fresh buying as market has witnessed gain in open interest by 0.31% to settled at 32850 while prices up 47 rupees.
Now NCDEX Chana is getting support at 4311 and below same could see a test of 4270 level, And resistance is now likely to be seen at 4381, a move above could see prices testing 4410.
Chana on NCDEX settled up 1.09% at 4351 on fall in acreage this year due to unfavourable rainfall. Drop in chana acreage this season may support prices next week while the availability of stock with stockists is also very low.
Rajasthan has completed chana sowing on 1.453 million hectare as on Dec 13 compared to 1.4977 million hectare in the same period a year ago, according State’s Agriculture data. In Gujarat, chana is sown on 161,901 hectare as on Dec 17 compared to 280,671 hectare in the previous rabi season, according to State’s Agriculture data.
According to Department of Agriculture Co-operation and Farmers Welfare data, as on Dec 21, gram was sown on 8.936 million hectare compared to 9.840 million hectare in the same period last year.
Chana stocks are diminishing due to higher domestic consumption and lower imports of chana due to 60% import duty since March 2018. Chana exports from the country increased by 172% to 120,664 tn on year for Apr-Sep period while imports down by 93% for same period.
The total availability of stock with the agency was 700,000-750,000. Nafed sold 66,710 tons of gram in Andhra Pradesh while in Telangana the agency sold 35,712 tons. Chana output is expected to fall this year in the key growing state of Rajasthan.
Trading Ideas:
–Chana trading range for the day is 4270-4410.
–Chana prices gained on fall in acreage this year due to unfavourable rainfall.
–Rajasthan has completed chana sowing on 1.453 million hectare compared to 1.4977 million hectare in the same period a year ago
–NCDEX accredited warehouses Chana stocks dropped by 731 tonnes to 16720 tonnes.
–In Delhi spot market, chana gained by 42.5 Rupees to end at 4330 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
