Pulses witnessed downside movement

Most pulses witnessed downside movement because of subdued demand from the dal millers. Chana however finished slightly higher because of gains in NCDEX futures. Fear of sale of cargoes of chana from NAFED is likely to weigh on the sentiments. According to market sources NAFED has roughly 2.8-3.0 mln ton of chana including this year’s stocks. In the 2020-21 marketing season, NAFED has procured 2.12 mln ton of chana as on Jul 11. Trade operations in most pulses are also likely to witness some hurdles as some states are re-instating lockdown to curb spiraling new cases of infections.

India Covid-19 infections have reached 911,629 with casualties of 23,788 while global cases have touched 13 mln mark with casualties 576,496. The other reason which is restricting the gains is the rise in the acreage under the Kharif pulses so far. Acreage in Kharif pulses as on Jul 8 was pegged at 6.4 mln ha as compared to 2.5 mln ha.

On the import front, about 1,358 tons of chickpeas (which includes Kabuli and Desi), 17,933 tons of lentils were imported at Nhava Sheva in the month of June.

On NCDEX, Chana August futures may find support at 3980-4000 and face resistance at 4300-4350. (CMP: 4,109)