Commodity Trading Tips for Chana by Kedia Commodity

Chana Chana yesterday settled down -0.95% at 2817 on hopes of higher summer-sown output weighed on prices. Chana prices are expected to extend gains on emerging festive demand. Selling pressure in the spot market has declined. Spot demand to stay firm due to increase in demand in the holy month of Ramadan and ahead of Raksha Bandhan. The progress on the kharif pulses harvest front is impressive. As per latest release from Ministry of Agriculture, the acreage under pulses has shot up by 26.21% to 79.5 lakh hectares. This is mainly due to strong sowing of Tur and Urad in Maharashtra. The total output of Chana is likely to be 8.57 million tonnes in the current year. This marks a gain of 11.29% compared to the last year's production of 7.57 million tonnes. Rabi Pulses output is likely to be 12.09 million tonnes, up 9.61% on the year. Chickpea production in the country is estimated at 8.8 mn tons in 2012-13 season, according to the fourth advance estimates released by the Ministry of Agriculture. The total area sown under pulses for 2013-14 kharif crop is estimated at 31.62 lakh hectares (lh) higher when compared to the 20.54 lh during the same period last year. According to the government of Andhra Pradesh the area sown under pulses is up by 1.5% at 4.02 lh. The area sown under pulses has touched 4.51 lh in Rajasthan as per the government estimates. The arrivals in Delhi market were steady at 40 trucks. The supplies in last week averaged around 35/40 trucks per day. The current week's trend indicates that not much supply will come in now if prices do not witness some pick up. In Delhi spot market, chana dropped by -11 rupee to end at 2920 rupee per 100 kgs. Now Chana is getting support at 2777 and below same could see a test of 2737 level, And resistance is now likely to be seen at 2862, a move above could see prices testing 2907.