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Our Bureau

Chennai, Sept. 23 The chana (gram) futures counter is looking bullish with millers buying stocks for the current festival season and rains damaging standing crop of urad and moong in Maharashtra and Karnataka.

Fears of delay in sowing of rabi chana in these two States could also support the prices, according to Angel Commodities Pvt Ltd.

“Chana futures are likely to trade range-bound with positive bias on the back of weak arrivals and firm demand,” it said in a note.

According to Sharekhan, NCDEX Chana has managed to surpass the Rs 2,255 level and has closed above the short-term key averages.

In view of this, it looks bullish. Last week, a firm sentiment prevailed in Chana spot and futures market on the back of improved buying interest from the millers.

Delhi spot prices moved in a narrow range of Rs 2,320-2,260 a quintal for Rajasthan variety.

The spot buying lifted the prices sharply during last few sessions.

Mentha oil prices are likely to trade range-bound with a negative bias for the near term, said Angel Commodities.

This is because arrivals pressure would increase this week.

As the expiry is near for September contract, futures prices are expected to trade at lower levels, due to ample stocks available at exchange warehouses.

Last week, mentha oil traded lower in both spot and futures market.

Sambhal spot prices moved in the range of Rs 535 to Rs 522 a kg at higher and lower levels respectively. The spot market witnessed weak domestic demand from local manufacturers accompanied by strong arrivals.

Overseas buyers placed very few orders during the last fortnight.

This is in view of hopes of a bumper crop and expectations of further weakness in prices. International demand might continue its slow pace in near term.

Soyabean oil is likely to witness some improvement this week on festival demand and firm overseas market.

Last week, September contracts on NCDEX moved up on firm international market in an anticipation of increased soya oil usage for bio-diesel and lower production estimates of the US soya bean.

More Stories on : Pulses | Commodity Markets

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