Monday, 16 February 2015

Chana Bullish On Strong Fundamentals updates on 16 February 2015

With domestic demand remaining firm, prices picked up for Chana in the spot and the futures markets as traders expect overall trend to remain strong backed by falling acreage and possibilities of fall in production . NCDEX Chana futures traded on a positive note on Monday(11.20am).  "Short term support is seen at 3550 and resistance at 3770. Intra day support is seen at 3610 and resistance at3650 ," With domestic demand remaining firm, prices picked up for Chana in the spot and the futures markets as traders expect overall trend to remain strong backed by falling acreage and possibilities of fall in production this year. As per Rabi Crops data released by Directorate of Economics and Statistics, Ministry of Agriculture, area coverage under total Pulses is at 142.92 lakh ha till Feb 6, while the last year's sowing area coverage was 157.61 lakh ha-down 9.3%. Chana has been sown over 85.31 lakh ha, which is less 15.12 % as compared to last year's 100.51 lakh ha. However, lower sowing reports and expectations of a pick up in demand at the lower levels are likely to support the prices in coming weeks. Extending Duty-free import for Pulses till March 31 may prevent strong uptrend. But a fall in Rabi sowing area for Rabi Pulses and lower International production prospects could sup-port prices in medium to long term. As per USDA, expected pulses production in US is up by 8% to 2,232,630 metric tonne during 2014 from last year. Reports from Canada indicate chickpea produc-tion there expected to fall to 0.14 million MT in 2014-15-down from 0.18 million MT in 2013-14due to lower yield. Reports from Austral-ia indicate a 22.5% fall in Pulses production and more than 30% fall in Chick Peas production in 2014-15 vs that in 2013-14.

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