Chana futures traded on a positive note on improved demand. Chana December contract gained 0.41% to 3176 levels on Tuesday(11.30am) at India’s National Commodity & Derivatives Exchange Limited (NCDEX).
Strong demand by the physical traders on account of wedding season may support the prices. Higher availability of imported chick peas and liquidation on higher levels are negative factors.
Anjali sinha, agri research analyst at Topmcxtips.com, said Chana is likely to trade positive for short term and sideways for intra day with short term support seen at 3080 and resistance at 3260. Intra day support is seen at 3150 and resistance at 3220,” Milan Shah added.
The sowing of pulses has gained momentum however the coverage has remained much behind previous year. Farmers have brought in 54.61lakh hectare under Chana which is -15.67% lower than previous year. The coverage under Chana has increased by around 33% week on w-o-w.
The decline in other pulses has been less prominent and the coverage under other pulses has reached 26.13lakh hectares which is -1.14% lower than last year. Total coverage under pulses has been 80.74lakh hectares which is -11.46% lower than previous year. The sowing of Chana has reached 40.99lakh hectares against 53.05lakh hectares last year same time.
Better supplies of imported Chana from Australia and other countries including Russia have kept the supply side strong. Availability of imported chick peas in India port may pressurize the prices.