NCDEX Soyabean under fresh buying; Resistance seen at 3526
NCDEX Ref.Soya Oil likely to trade in range between 729-745
MCX Crude Palm Oil under short covering; Support seen at 531.2
NCDEX Mustard Seed may trade in range between 3873-3965
NCDEX Turmeric under short covering; Resistance seen at 6676
Technically Chana market is under fresh selling as market has witnessed gain in open interest by 15.78% to settled at 28170 while prices down 27 rupees.
Now NCDEX Chana is getting support at 4368 and below same could see a test of 4340 level, And resistance is now likely to be seen at 4423, a move above could see prices testing 4450.
Chana on NCDEX settled down by 0.61% at 4395 due to subdued demand and surplus supply hopes. However, downside seen limited amid fall in acreage this year due to unfavourable rainfall. New crop arrivals have already hit the markets of Karnataka and Andhra Pradesh due to which supplies are likely to increase.
The commerce ministry extended the import restrictions on peas for another three months till March 31 this year. Such measures help in curbing cheaper imports and boost local prices. The ministry has restricted imports of peas “for the period from January 1, 2019, to March 31, 2019,” the Directorate General of Foreign Trade (DGFT) said in a notice.
The last import restriction imposed in September for three months ends Monday. India is the largest producer of pulses in the world. The target for pulses production is 24 million tonne for 2018-19, marginally up from 23.95 million tonne in 2017-18.
Area under chana is lagging and supplies are dwindling in the country due to lower imports and good consumption. Chana acreage is at 83.7 lakh ha, down 13% compared to last year acreage as on 14-Dec as per govt data.
The govt have extend import curbs on all varieties of peas by 3 months until the end of December. Chana stocks are diminishing due to higher domestic consumption and lower imports of chana due to 60% import duty since March 2018.
Trading Ideas:
–Chana trading range for the day is 4340-4450.
–Chana settled down due to subdued demand and surplus supply hopes.
–New crop arrivals have already hit the markets of Karnataka and Andhra Pradesh due to which supplies are likely to increase.
–NCDEX accredited warehouses Chana stocks dropped by 706 tonnes to 12932 tonnes.
–In Delhi spot market, chana dropped by -46.4 Rupees to end at 4226 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
