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Cotton futures (Dec) is expected to trade sideways in the range of 21550-21850 levels. Cotton prices continued to exhibit bearish tone at markets of central and south India due to lacklustre activity in the physical market amid uncertain cues. Buyers have mostly opted to wait and watch amid falling prices. Market sentiment has turned bearish since last week mainly due to disparity to ginners amid higher kapas rates, whereas offtake in yarn market too is not encouraging. On the international market, Cotton futures saw 67 to 136 gains on Monday, with Dec up a sharp 248 points. NASS reported that 70% of the US cotton crop was harvested by last Sunday. That was below the normal pace of 77% for this time of year, as it advanced 11% from last week. Guar seed futures (Dec) is expected to remain on the correction path & test 4200-4150, while guar gum (Dec) may plunge towards 8600-8500 levels. Guarseed and Guargum prices fell sharply in the spot market weighed by sharp losses in futures and lackluster buying interest amid concern about poor export in the wake of uncertain global economy and recent sharp fall in crude oil prices. The outlook of chana futures (Dec) is bullish & it may take support near 4580-4550 levels. The sentiments are positive amid slower progress of Rabi crop sowing, which is lagging behind as compared to last year and also market talks on extension of curbs on import of yellow peas till March 2019.
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