Tuesday, May 24, 2016

NCDEX Chan to Trade Hitgher today; Commodity Best Tips

Chana futures recovered on Monday as market participants expecting supply crunch in coming months. However, reports of government to rela x VAT and other taxes weigh on spot prices. Chana futures for Jun delivery closed 0.95% higher to settle at Rs 5,950 per quintal.

However, reports of lower production and expectation of tight supplies in coming months may keep prices firm. In the third adv ance estimates (May 2016), chana production is revised downwards to 7.5 mt from 8 mt forecasted in 2 nd estimate (Feb 2016). 

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