According to Angel Commodities, Chana futures is expected to trade on mixed to positive note as arrival of new crop in domestic market are picking up slowly.
Chana
NCDEX Chana Apr. futures closed higher in the last trading session by 0.08% as market participants accumulated buy position due to increasing spot demand against restricted supplies in the spot market from new season crop. Unseasonal rain in March brought a heavy loss to crops of pulses. As per the Union Agriculture Ministry reports, around 11.2 lakh hectares of pulse crops damaged.
Meanwhile, Government has extended duty free imports of pulses including chana till September 2015. As per 2nd Advance Estimates for 2014-15, Chana production estimated at 8.28 million tons compared to 9.53 million tons last year.
As per the Govt data, Chana has sown over 85.91 lakh hectares, which is 16 % less as on Feb 13, 2015 as compared to last year's 102.25 lakh hac. Whereas, area coverage under total Pulses is at 145.92 lakh hectares while the last year's sowing area coverage was 162.21 lakh hectares.
Outlook
Chana futures expected to trade on mixed to positive note as arrival of new crop in domestic market are picking up slowly. Overall sentiments look positive for Chana in long term amid expected lower output and duty-free imports allowed till Sep 2015.
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