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The trend of cotton futures (Dec) is sideways, hence may witness consolidation in the range of 21560-22080 & plunge towards 21500 levels. Despite of reports that cotton yield in India has taken a hit output could drop by 12% to 32.5 million bales the-lowest in nine years, the buyers are not in a hurry as the supply situation is comfortable after the arrival of the initial crop in the market. The first pickings in Maharashtra, Madhya Pradesh, Gujarat and Telangana are in the final stages. Moreover, the last cotton season ended with higher closing stock of 47 lakh bales & this would act as a buffer for the current season. On the demand side, only needy buyers are active, while most have opted to wait and watch as prices are likely to correct in the domestic market amid weak offtake in yarn. The outlook for guar seed futures (Jan) is bearish and may trade in the range of 4335-4420. The sentiments are bearish as the offtake in guar seed is sluggish mainly from stockiest, while crushers are doing need based buying amid uncertain outlook about exports amid volatility in crude oil on the international market. Chana futures (Jan) has been facing resistance near 4750 since past four weeks, hence selling is advised as it can test 4500. The sentiments of the spot markets are bearish amid slackened buying from mills owing to dull demand in Chana dal and besan.
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