Chana settled down by -2.67% at 5060 on profit booking after prices gained due to good demand in festival season and lower estimated output. But, rising arrivals as the truckers' strike ended on Tuesday, capped some gains. With pulses prices skyrocketing, state-owned MMTC has invited global bids for import of 1,000 tonnes of chickpeas (gram) from Australia. Earlier, CACP recommends increase of Rs 300 per quintal in MSP for chana to Rs. 3,425 from current Rs. 3,175.
According to the latest govt data, country has imported about 2.22 lakh tonnes of chana in during first four months of MY 2015-16. As per 1st Advance Estimates for 2015- 16, Chana production is targeted at 9.50 mt against 9.30 mt in 2014-15. AUSTRALIAN growers are set to produce up to 80 per cent more chickpeas this year compared with 2014 production of 4.76 lakh tonnes.
Trading Ideas:
--Chana trading range for the day is 4769-5505.
--Chana dropped on profit booking after prices gained due to good demand in festival season and lower estimated output.
--Sowing area for kharif crops rises to 1031.37 lakh ha as on Oct 1 vs 1017.86 lakh ha same period last year.
--NCDEX accredited warehouses chana stocks dropped by 993 tonnes to 24691 tonnes.
--In Delhi spot market, chana gained by 47 rupee to end at 5329.7 rupee per 100 kgs.
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