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Cotton futures (Dec) is looking bearish and is expected to extend the downside towards 21100-21000 levels. Cotton prices dropped further in central and south India markets due to increased supply, slow mills and exporters demand, tracking subdued cues. Mills demand for cotton is need based, with most of them have opted to wait and watch as cues from international market were mostly bearish. On the international market, Cotton futures were down another 91 to 165 points today after another round of disappointing export sales. China still wasn’t buying, with a net reduction of 2,036 RB. Vietnam led the way, purchasing 49,400 RB, with 46,500 RB sold to Bangladesh. Guar seed futures (Jan) will probably remain trapped sideways in the range of 4250-4350, while the short covering in guar gum futures (Jan) may face resistance near 8700-8725 levels. Guarseed and Guargum dropped further at major markets across Rajasthan due to lacklustre demand from crushers amid sharp losses in prices on futures, tracking bearish crude oil. Demand for guar gum as a hydraulic fracturing agent has dropped after crude oil prices started falling. The short covering in chana futures (Jan) is expected to face resistance near 4535-4550 levels. The new chana crop has started arriving in small quantities in Kalaburagi, a key market in Karnataka. However, the new crop has few takers due to difference between farmers and traders on prices, traders said. Some of the new crop was sold in a range of 5,000-5,200 rupees per 100 kg, around 10% higher than the old crop.
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