Cotton futures (Jan) may witness lower level buying after consolidation in the range of 20700-20950 levels.
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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 4350-4500; while guar gum futures (Feb) will possibly trade above
8580 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 4250-4350 with bearish bias . Sentiments are still
weak as arrivals of new crop are likely to imporve 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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