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Cotton futures (Jan) may descend to test 20800-20700 amid hesitation prevailing over demand. The millers and exporters have opted wait and watch or do need based buying as cues are unclear in the international market. All eyes are on the trade war as China and the United States have made plans for face-to-face consultations over trade in January. The downtrend in guar complex is likely to see a pause taking positive cues from the recovering crude oil prices in the international market. The market participants are turning optimistic about the demand for guar gum as in overseas some well-positioned U.S. fracking stocks are starting to look like bargains in the wake of lower oil prices. Meanwhile, Russian Energy Minister Alexander Novak said the oil market will be more stable in the first half of 2019 and suggested cooperation among OPEC and its allies in supporting the market. Analyzing the aforesaid fundamentals, guar seed futures (Jan) is expected to witness short covering taking support near 4200-4150 levels, while guar gum futures (Jan) may remain stable above 8135 levels. Chana futures (Jan) is trading downtrend & day’s ahead there is more room for correction towards 4250-4200 levels. The spot prices of desi chana are continuously dipping due to poor buying interest from traders and millers due to ample stocks in the country to meet near term demand. Nafed active selling has also dented the sentiments. The agency had total procured 27.24 lakh tonnes of chana and season sell reached at 3.63 lakh tonnes leaving 23.61 lakh tonnes as balance stock. Moreover, the sowing area of chana has also drastically spurted to 89.36 lakh hectares, as compared to 62.65 lakh hectares during same time last month.
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