According to Angel Commodities, Chana Jan Fut is expected to trade on positive note. However profit booking on higher levels may restrict sharp gains.
Chana
As expected yesterday NCDEX Chana Jan. futures traded on a positive note (3.42% lower) due to strong demand seen in the spot market as well as in futures market. Expectation of lower acreage of pulses in the Rabi season also providing supports on lower levels. On December 05, 2014 around 3063 MT chana arrived in the Indian ports at an average C&F price of US$ 560 per MT According to latest estimates of coverage under Rabi pulses has reached
107.85 lakh hectares as on December 5, 2014 which is -11.56% lower as compared to previous year. Chana has been sown over 69.43 lakh hectares as on December 05, 2014 which is -17.24% lower than the area sown during the same period previous year.
Chickpea/Chana production has been revised down in Australia to 435 thousand tonnes in the latest production estimates by the Australian Agricultural Department released on December 02, 2014. The production shall be -31.17% lower year on year while estimate has been revised down by around 6% from the earlier crop production estimate during September 2014. (Source – Commoditynews.com)
Outlook
Chana futures are expected to trade on a positive note, Technical buying in futures market may supports the prices however profit booking on higher levels may restrict sharp gains.
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