Sep 4 2007 12:15PM
Weekly Pulses Report
| | | CHANA | | HIGHLIGHTS OF THE WEEK | | • | In an effort to maintain adequate supplies in the domestic market, PEC invited bids to import 4,000 MT of Tur, 3,000 MT of Masoor (Red Lentil) and 1,000 MT of Urad to be delivered at Mumbai port. | | • | To check the rise in prices of wheat and pulses, Union Cabinet extended the anti-hoarding drive on Wheat and Pulses for another six months period from September 1, 2007 to February 29, 2008. | | • | According to Statistics Canada’s forecast, chickpea production in Canada may increase to 2,16,900 tonnes this year against last year’s production of 1,63,200 tonnes. | | • | International Center for Agricultural Research in the Dry Areas (ICARDA) researchers, along with scientist from National Agricultural Research System, Turkey have successfully developed a new drought tolerant Chickpea variety, named Gokce or FLIP 87-8C. | | | | | MARKET COMMENTARY | | A weak sentiment featured in Chana spot markets across the board during the past week. Mainly lower demand in the markets pushed the prices down in most centres. The average prices of Rajasthan origin Chana in Delhi market eased to Rs.2330-2290 per quintal against last week’s prices of Rs.2350-2360 per quintal, whereas in Bikaner market, prices traded around Rs.2090-2220 per quintal versus last week’s Rs.2180-2200 per quintal. Average arrivals in Delhi again dropped to around 25-30 motors against 35-40 motors last week. However arrivals in Bikaner market improved slightly to 200-300 bags from last week’s 200 bags. | | | | FUNDAMENTAL OUTLOOK | | Chana prices are likely to trade range bound with weak bias in coming days due to sluggish physical demand. | |
| | | | TECHNICAL OUTLOOK | | Chana futures chart looks bearish. Close below the EMAs suggest weakness in prices. Oscillators are in oversold region and may support some reversal action if so occurs. Some buying support can emerge near the recent low of 2242. However, selling at rallies toward resistance levels would be a better strategy. | | | | LEVELS (NCDEX October) | CHANA (NCDEX October) | | S2 | S1 | R1 | R2 | | 2161 | 2216 | 2346 | 2366 | | | | STRATEGY: | | Sell on rallies toward resistance levels. |
| | | DISCLAIMER
This report is prepared exclusively for Reliance Commodities by Indian Rural Market Products Pvt Ltd (IRMPL). The information and opinions contained in the document have been compiled from sources believed to be reliable. IRMPL does not warrant its accuracy, completeness and correctness. Use of data and information contained in this report is at your own risk. This document is not, and should not be construed as, an offer to sell or solicitation to buy any commodities. IRMPL and its affiliates and/or their officers, directors and employees may have positions in any commodities mentioned in this document (or in any related investment) and may from time to time add to or dispose of any such commodities (or investment).
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