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Cotton futures (Dec) is looking bearish and is expected to trade in the range of 21300-21700 levels. Cotton prices dropped in central and south India pressured by slow buying interest from mills. Demand in cotton remained need-based by mills, while exporters too are reluctant to make large commitments due to average enquiries from overseas. The bulk buyers are active in replenishing stocks to meet future requirements; however, they are avoiding bulk buying as rates are high. Guar seed futures (Jan) will probably remain trapped sideways in the range of 4250-4350, while the short covering in guar gum futures (Jan) may face resistance near 8700 levels. Guarseed and Guargum dropped further at major markets across Rajasthan due to lacklustre demand from crushers amid sharp losses in prices on futures, tracking bearish crude oil. Demand for guar gum as a hydraulic fracturing agent has dropped after crude oil prices started falling. Chana futures (Jan) is expected to trade with a bearish bias & test 4410 levels. Sudan/Burma origin kabuli chana declined by Rs.50 each at Rs.4,250/100Kg and Rs.4,600, respectively amid dull trade activity owing to less interest shown by besan flour millers and traders at existing rates, overseas supply from various origins and following weak trend in Chana.
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