Cotton futures (Jan) may witness a consolidation in the range of 20600-21100 levels.
 |
Cotton prices edged higher in Punjab, Haryana and upper Rajasthan on
Tuesday due to shortage in this season & positive global cues. Globally, the most
active cotton March contract on ICE Futures US gained amid weaker dollar and on
renewed optimism for a US-China trade deal. On the export front also, China is not
buying much yarn due to which the supplies are not replenishing and the payment
cycle is getting affected. Guar seed futures (Feb) is expected to trade in the range
of 4300-4450; while guar gum futures (Feb) will possibly trade above 8600 level.
Guar gum prices staged a strong comeback with prices recovering after investors
built up fresh positions at prevailing levels, driven by pick up in export demand.
According to the market men, building up of fresh positions by participants due to
pick up in export demand for oil drilling industries lift market sentiments. Chana
futures (Mar) may trade in the range of 4240-4340 with bearish bias as the
sentiments are still weak due to continued selling of stock at lower rates by Nafed.
But lower level buying cannot be denied. Nafed has sold around 4.69 lakh tonnes of
Chana as on January 10, 2019 in various states from the total procured quantity of
27.22 lakh tonnes.
HAPPY TRADING!!!!!!!!!!!!
Click here to visit my website : https://bit.ly/1h8KZUM
Free Trial link : https://bit.ly/2u2GUhK
Any queries CALL US : 9977499927
CAPITALSTARS CALL US : 9977499927
0 comments:
Post a Comment