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Chana futures rebounds after testing technical support; Spot markets yet to react

30 Oct 2020 6:27 pm
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Mumbai (Commodities Control) – NCDEX chana futures has rebounded today with fresh jump of about +57 Rs to close up at 5310 Rs/Qtl.

Chana futures jump was seen as an bounce from technical support levels in range of 5250 to trade higher.

Demand in physical spot market were sceptical of the rise in derivatives. As on Tuesday, similar rise in derivative did not convert to demand in physical dals and besan market. Leading the futures to fall back in very next session.

Market is very cautious to get into long position in spot market and is waiting of demand boost from dals and besan couters which is not yet there.

Going forward, NCDEX futures are likely to stay above 5250 as we anticipated earlier. Prices are likely to trade further up towards 5350 Rs/qtl.

(Commodities Control Bureau)


       
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