Chana Updates

Advisory Data:-

Bargain buying is likely to continue in chana futures from lower levels due to short covering by speculators along with weak production estimates of kharif pulses. The NCDEX futures swelled by almost Rs 63 per quintal in the last trading.
The spot market cues remained buoyant in the last trading as chana prices spurted by more than Rs 50 per quintal in all the major mandies . Moreover, buying was also seen in other pulses such as Urad and Moong as prices increased by almost Rs 100 per quintal . The spot prices of Australian chana settled at Rs 4650 per quintal, up Rs 50 per quintal in the previous day.
The latest first kharif advance estimates by government has also supported the futures prices from lower levels. The latest government data estimated the total Kharif Pulses 2012 crop at 5.26 lakh tonnes , down 0.90 million tonnes from the final estimates of 2011-12.
The NCDEX October Futures finished at Rs 4447 per quintal, up Rs 63 per quintal from last day. The contract pared almost 6000 positions in open interest indicating short covering by traders. Technically , prices are likely to gather some buying around Rs 4400-4410 per quintal while resistances are likely at Rs 4510-4525 per quintal in the near term.

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