Cotton futures (Jan) may witness lower level buying taking support near 20600- 20500 levels.
Cotton prices moved higher in Maharashtra, while remained steady in
Gujarat and Karnataka on Tuesday. In Telangana and Madhya Pradesh, prices ruled
mixed depending on the quality. It is reported that the arrivals are on the lower side
as the farmers are holding back their produce on expectation of spike in prices in
the coming days and output is seen lower than various estimates. The Cotton
Association of India (CAI) has lowered country's production estimate to 33.5
million bales in the 2018/19 season that started on Oct. 1, down 1.5 percent from
an earlier estimate. Guar seed futures (Feb) is expected to trade in the range of
4335-4450; while guar gum futures (Feb) will possibly trade above 8545 level. At
the spot markets, these commodities are witnessing a spurt in demand from millers
and exporters anticipating a supply deficit. The exporters for major oil and gas
drilling companies are on a buying spree, and are even paying a premium. This
indicates that the availability of the crop is less. As per industry estimates, 30,000
tonnes of guar gum are exported every month. Chana futures (Mar) may trade in
the range of 4200-4300 with bearish bias. Sentiments are still weak as arrivals of
new crop are likely to improve and also on continued selling of stock at lower rates
by government agency. The government agencies are holding major portion of
procured old crop around 22.5 lakh tonnes and is liquidating in the market due to
average quality and also before arrivals of new crop.
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