 |
In days to come, more selling can be seen in cotton futures (Jan) towards 20500 levels. Mills opting to wait and watch or doing just need-based buying, tracking falling prices on U.S. market and slow demand in cotton yarn is giving negative cues to this counter. Moreover, lower procurement of 98,900 bales (of 170 kg) of cotton in the current season till December 10 as compared to 3.9 lakh bales purchased in the previous season is not giving encouraging cues to the cotton prices.Internationally, the market participants of the cotton market are very much nervous about demand as there has been no sign of buying of the natural crop from China, which has disappointed the market. An sideways bearish trend can be seen in guar seed futures (Jan) in the range of 4250-4350 & guar gum futures (Jan) stay in the range of 8500-8600 levels with upside getting capped. The crushers had made some good deals with hopes that crude prices won't fall more with considering rates as attractive, but the continuing bearish trend have dented their sentiments. The North American oil sector leaning towards slick water which is cheaper than guar gum has prompted crushers to wait and watch, while stockists are now avoiding buying Guar as they have already procured it in good quantity, but now they are very much concerned due to losses. Chana futures (Jan) is expected to continue its bearish trend facing resistance near 4560 levels for the fourth consecutive week. Nafed activeness in liquidating procured stock at existing prices is dampening the prices. Nafed has a balance of 1568430.52 MT in MadhyaPradesh, 517725.77 MT in Rajasthan, 41764.76 MT in Karnataka & 10871 MT in Telegana.
HAPPY TRADING!!!!!!!!!!!!
Click here to visit my website : https://bit.ly/1h8KZUM
Free Trial link : https://bit.ly/2u2GUhK
Any queries CALL US : 9977499927
CAPITALSTARS CALL US : 9977499927
0 comments:
Post a Comment