Tuesday, 10 November 2015

NCDEX CHANA MARKET UPDATE

Chana futures fall on yesterday as speculators trim their positions due to increase in margins for the buy side. 
Chana Dec futures closed lower by 2.81% at Rs. 5,042 per quintal. NCDEX has issued circular regarding increasing in special margin in cash for the buy side by 25 per cent for Chana (CHARJD DEL) Nov 2015, Dec 2015 and Jan 2016 expiry contracts and CHANA2MT Dec 2015 contract with effect from beginning of day Monday, November 9, 2015.
Recently, Maharashtra has exempted stock limit for pulses importers but once it sells the imported pulses to a wholesaler, the limit will become applicable.
 The Agriculture Ministry has sought inter-ministerial comments on a proposal to create a buffer stock of 3.5 lakh tonnes of pulses in 2015-16 crop year. 
The sowing of chickpea has already begun and early trends suggest that acreage under this main pulses crop is set to make a significant gain this season.
Outlook
Chana price may trade sideways to lower due to increased supplies in the spot market from the imported pulse as stock limit is exempted from the importers. However, good demand from the industrial buyers may keep prices higher above Rs. 5,000 levels.

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