MCX Nickel expected to trade between 765.3-805.7
MCX Aluminium under long liquidation
MCX Mentha Oil under fresh selling; Resistance seen at 1363.6
Zinc market under fresh selling; Support seen at 182.4
Copper market under short covering; Support seen at 438.3
Technically Chana market is under short covering as market has witnessed drop in open interest by 1.07% to settled at 36830.
Now MCX Chana is getting support at 4566 and below same could see a test of 4539 level, And resistance is now likely to be seen at 4627, a move above could see prices testing 4661.
Chana traded in range as area under chana is lagging and supplies are dwindling in the country due to lower imports and good consumption. 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. 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.
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.
Trading Ideas:
–Chana trading range for the day is 4539-4661.
–Chana traded in range as area under chana is lagging and supplies are dwindling in the country due to lower imports and good consumption.
–The total availability of stock with the agency was 700,000-750,000.
–NCDEX accredited warehouses Chana stocks gained by 586 tonnes to 13586 tonnes.
–In Delhi spot market, chana gained by 9.15 Rupees to end at 4459.15 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
