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Weekly Commodity Research Reports

Chana Weekly from 21st January - 24th January 2013

Last week we saw futures prices trading firm. Spot prices has gained but are trading lower than the futures prices. Selling at higher levels was witnessed in far month contracts. Spot demand was strong on lower availability and may lead to fresh demand in the spot market. Festive demand is witnessed during September to November and with higher supply in the coming month prices are expected to decline during the long term. The outlook for chana is expected to remain weak for the week ahead.

For the week ahead we expect the prices to extend weakness. We see the support for the price for the April contract near Rs.3350-3330 and we expect upside of Rs. 3625-3650 on the higher side during coming days.

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