NCDEX Chana updates

Selling is likely to continue in chana market from higher levels of strong sowing of rabi pulses in the current year along with weak cues from spot market. The NCDEX futures plunged by almost Rs 15 per quintal in the last trading.
The preliminary data compiled by Ministry of Agriculture on 2nd November stated that pulses have been grown in 18.79 lakh hectares. so far. This acreage is more than doubled of the average area under pulses at this time of the year, but is lower than the acreage of this time last year ie., 27.23 lakh hectares.
The spot prices of Akola mix were reported down at around Rs 4625-4650 per quintal and Chapa quality at Rs 4750 per quintal in the last trading. The total daily arrivals were hovering at the lower levels of around 28000 bags in the entire major mandis , up almost 2000 bags in the last day.
The NCDEX November futures wilted almost Rs 15 per quintal to settle at Rs 4337 per quintal in last trading. The contract declined positions in open interest indicating some profit taking by traders. Technically, traders can initiate some selling around Rs 4375-4380 per quintal while supports are likely at Rs 4300-4305 per quintal in the short term.

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