Commodity Tips:- Today Chana Futures May Trade Sideways To Higher

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Chana Mar futures closed higher for the third consecutive session on Wednesday mainly on short covering after government raised import duty on chana to 40% from 30%. Still, futures have been trade below minimum support prices. Chana is trading at 33 months low on concern over higher domestic stocks amid expectation of higher production estimate due to record acreage. 

 

As per government sowing data, area under the chana crop across the country was up 8.3% on year at 107.2 lakh ha as on last week.

 

Outlook

 

Chana futures may trade sideways to higher on anticipation of improvement in physical demand at lower levels. Moreover, increase in import tax too support prices. Reports of higher crop due to record acreage may keep prices in a range.

 

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