The fear of escalating trade war will continue to keep the upside capped of cotton futures on the domestic bourse.
Sluggish business activities are being observed in the spot markets as both buyers and sellers are cautious trading.
Hence, the May contract is expected to witness a consolidation in the range of 21200-21450 levels. On the international market,
ICE Cotton futures Cotton futures posted 48 to 73 point gains in most contracts on Thursday. Export sales of upland cotton were
reported at 381,426 RB for old crop, a MY high and well above last year. India purchased 98,500 RB, with Turkey at 93,200 RB, as
China canceled a net 25,127 RB. New crop upland sales were also a MY high, 241,514 RB. Vietnam bought 79,000 RB, with
China purchasing 19,800 RB. Shipments were at 348,597 RB, with Vietnam at 79,800 RB and 42,200 RB to China. Guar seed
futures (June) is likely to face resistance near 4460, while guar gum futures (June) is expected to face resistance near 8925 levels.
The sentiments have turned bearish after the estimates by the Rajasthan State Agriculture department show that guar production
to increase by 45.5% in the coming 2019-20 (Jul-Jun) season from an output of 1.03 mln tn estimated in the current year due to
sharp rise in yields. Yield in the coming season is seen at 500 kg per ha, compared to 334 kg this year. Maize futures on the
national bourse is making a new life time high every week & going ahead this bullish trend is expected to stay intact. The June
contract would probably take support near 1907 & remain stable supported by robust purchases by feed makers while adding that
uncertainty over imports of the grain.
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