Now NCDEX Chana is getting support at 4504 and below same could see a test of 4435 levels, and resistance is now likely to be seen at 4621, a move above could see prices testing 4669.
Mandi arrivals across the country decreased by 10% in December at 0.69 lakh tonne compared to previous month. NAFED has reserved 8 lakh MT Chana as buffer stock from it total procured quantity. Further, for selling, the agency announced the base rate Rs. 4875/quintal (i.e. equal to MSP). No bids are to be accepted below fixed base price.
Chana import for 2020-21 (Apr-Oct) stood at 0.72 lakh tonnes as against 2.03 lakh tonnes imported during the corresponding period of the previous year. Import and export in month of October 2020 reported 0.52 lakh tonne and 0.09 lakh tonne respectively.
According to the latest report of Australian department of Agriculture (ABARES), Australian Bengal gram acreage is forecasted to increase by 89% to 4.98 Lakh hectares in 2020-21. Bengal gram production is forecasted at 7.37 lakh MT in 2020-21, 162% higher than last year’s production of 2.81 Lakh MT.
The output dropped to 2.5-3.0 lakh tonnes in the last few years due to drought. In 2020-21 marketing year (Apr-Mar), a decline of around 39% was reported in total arrivals of Chana as compared to same corresponding period of previous year. In Delhi spot market, chana dropped by 35.4 Rupees to end at 4550 Rupees per 100 kgs.
–Chana trading range for the day is 4435-4669.
–Chana prices gained after update MP Government procurement may increase if prices remain below MSP and NAFED will stop selling chana.
–NAFED has reserved 8 lakh MT Chana as buffer stock from it total procured quantity.
–Chana import for 2020-21 (Apr-Oct) stood at 0.72 lakh tonnes as against 2.03 lakh tonnes imported during the corresponding period of the previous year.
–In Delhi spot market, chana dropped by 35.4 Rupees to end at 4550 Rupees per 100 kgs.