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Cotton futures (Dec) is expected to consolidate in the range of 21800-22050. Cotton prices were under some pressure in central and south India as most buyers were resilient to make large buying at the higher level. Demand in cotton is not gaining strength even on lower than expected supply. Enquires in cotton will increase only in case prices corrected from here on as ginning to spinning mills are working in disparity due to slow demand in cotton yarn and garments. Guar seed futures (Jan) is expected to trade sideways to up in the range of 4370-4450 levels, while guar gum (Jan) may take support near 8750 levels & remain steady. Demand in Guarseed is said to be limited from stockists, however some major crushers are active and covering positions after recovery in crude oil, which has raised some prospects of good export demand ahead. Chana futures (Jan) may trade with a
downside bias & test 4560 levels. Chana continued to trade lower at major spot markets in the country on Tuesday following weak cues from futures and slackened buying from mills amid dull demand and sale counters in Chana dal and besan. Nafed activeness in liquidating procured stock at existing prices also pressurised sentiments. Chana extended losses at major spot markets in the country due to slackened buying from mills amid dull demand and sale counters in Chana dal and besan. Nafed activeness in liquidating procured stock at existing prices also pressurised sentiments. Australia origin Chana in ready business at Mumbai and Mundra port fell by Rs.50 each at Rs.4,550/100kg and Rs.4,600, respectively.
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