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Cotton futures (Jan) is expected to trade sideways in the range of 20400-20700 levels. Cotton prices continued their downward trend in South and Central India as buyers preferred to remain on the sidelines on dampened sentiments following sluggish economic activity across global markets. Mills are cautious and in 'wait and watch' mode anticipating a further drop in prices. However, despite improved arrivals, sellers do not find current levels profitable and have slowed down activity. On the international market, cotton futures were 116 to 150 points in negative territory at Thursday’s close. Nearby March hit 1-year lows earlier today. In outside markets, crude oil was back down today, with the dollar also lower. US and China trade representatives are expected to meet in early January face to face talks as part of the 90-day timeline. The weekly Export Sales will be delayed indefinitely until the government has funding. Guar seed futures (Jan) is expected to witness a consolidation in the range of 4160-4330 & guar gum futures (Jan) is likely to take support near 8200-8150 levels. The sideways trend in oil prices may keep the upside capped. The energy complex moved lower on NYMEX owing to reduced confidence in the economic outlook and energy demand. Comments from Russian Energy Minister Novak were another negative for crude prices when Novak said Russia may keep its 2019 oil production flat year-on-year at 11.166 million bpd, even under the current OPEC+ agreement to cut output. Chana futures (Jan) is\ expected to continue its bearish trend & test 4200 levels. Chana prices slipped at major spot markets in the country following weak cues from futures, dull physical trade activity as demand and sale counters in Chana dal and besan remained slackened.
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