NCDEX Commodity Outlook For Today: 6th Feb

NCDEX Outlook Today:

Chana futures witnessed some buying at lower levels. Chana February contract is likely to trade bullish for short term and side ways for intra day. Short term support is seen at 3320 and resistance at 3550. However increasing arrivals and favourable weather for harvest limited upside. Total volumes declined and OI increased on Thursday compared to previous trading day. NCDEX Chana February futures traded marginally up by 0.06 percent to 3439 levels on Friday at NCDEX.

According to Rabi Crops information discharged by Directorate of Economics and Statistics, Ministry of Agriculture Area scope under Total Pulses is at 138.68 lakh hectares while the most recent year's sowing region spread age was 154.49 lakh hectares. According to the Govt information, Chana has been sown more than 83.93 lakh hectares which is less 15.5 % as on Jan 30, 2015 when contrasted with a year ago's 99.27 lakh hac.

The area under sowing of Gram is at 8.393 million hectares this year while the last year’s figure was 9.927 million hectares. Area coverage under Total Pulses is at 13.868 million hectares while the last year’s sowing area coverage was 15.449 million hectares.

NCDEX Chana Indore – NCDEX Mumbai Yellow Peas Spot spread is trading at Rs. 870/100 Kg. According to Directorate General of Commercial In telligence and Statistics (DGCIS), Indian imports of Pulses were 2,117,354 MT during April – October 2014. This is higher compared 1,748,767 MT during April – October 2013. Pulses imports were 320,839 MT in October 2014 compared to 271,909 MT in October 2013.

Commodity Outlook and MCX Gold Silver Trend Today

Commodity Outlook Today

The European Central Bank decision to limit the loan to Greece and lingering worries over global economic growth punctured the sentiments as investor’s attention is increasingly turning towards month

ly employment data from the US. In the evening session, while a lot of attention will be essentially on Greece and tomorrow’s US NFP data, the trade balance and weekly employment data from the US will be under the scanner. The trade balance is ex-pected to have narrowed down in December while initial jobless claims are seen rising in the week ending 31 Jan after posting a whooping fall of 43000 to 265000 in the previous week, its lowest reading since April 2000.

MCX Gold Trend

Price shave approaching towards the downside hindrance of 27440 region, break below the same could trigger fresh selling towards 27310 region. But there is equal plausible chance of a recovery towards 27680 region if failed to fall below 27440 region.

MCX Silver Trend

Prices have been consolidating in a triangle chart pattern waiting for a firm move. However, slippage below 37800 region could snatch down prices to 37200 region. But inability to push below 37800 cou ld entice fresh buying towards 38700 region.