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Cotton futures (Dec) is expected to trade with a bearish bias & test 21600 levels. Cotton prices in Punjab, Haryana and upper Rajasthan dropped on Thursday, snapping three session of gains as buyers turned cautious at the higher level amid weak clolsing in U.S market on previous session. US net cotton sales were at 47,100 RB for the week ended December 6 in marketing year 2018/2019, down 50 percent from the previous week and 66 percent from the prior 4-week average. Guar seed futures (Jan) may trade sideways in the range of 4395-4445 levels. Guarseed and Guargum traded mostly flat in spot markets across Rajasthan due to limited buy-sell activity. Crushers are buying Guarseed actively with expectations of better demand for Guargum exports after trade war between U.S. and China.The supply of Guarseed in the markets is likely to decrease by month end as more than 50% of crop has already arrived with balance stocks are likely to be arrive with slow pace as farmers, stockists and traders may opt to wait to sell at the higher rates ahead. Chana futures (Jan) may face resistance near 4685 levels & witness profit booking from higher levels. Chana traded mixed for second straight day at major spot markets in the country amid selective millers trade activity as demand and sale counters in Chana dal and besan remained slackened. Chana prices traded lower at Akola, Amravati, Anantpur and Delhi market on dull millers demand.
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