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Cotton futures (Dec) is expected to consolidate in the range of 21400-21650. Market arrivals of cotton have slowed as farmers have begun to hold back their produce anticipating better prices. However, the decline in market arrivals in the early part of the marketing season does not appear to deter the mill sector, which is sitting on ‘comfortable’ stocks. Arrivals this year during October 1-November 28 stood at 65.79 lakh bales (of 170 kg each), about 31 per cent lower than the 95.09 lakh bales in the corresponding period last year. However, this huge drop does not seem to have triggered a demand. Also, the Cotton Advisory Board (CAB), in its first estimate released, forecasts the yield to decline to 501.47 kg per hectare (ha) for the cotton season October 2018–September 2019 from 506.07 kg the previous year. Guar seed futures (Dec) is expected to trade sideways in the range of 4330- 4400 levels, while guar gum (Dec) may trade in the range of 8780-8920 levels. The upside may remain capped in these counters due to concerns about export demand for Guargum. The strength in local currency also weighed on prices as it makes export costlier resulting in lower competitiveness of the commodity in the international markets. Chana futures (Dec) may trade with a downside bias & break the support near 4635, to plunge towards 4600-4580 levels. Nafed activeness in liquidating procured stock at existing prices may continue to weigh on prices. It is reported that Nafed has a balance of 36873.41 MT in Andhra Pradesh, 22699 MT in Telangana, 50467.76 MT in Karnataka, 151010.33 MT in Maharashtra, 532151.77 MT in Rajasthan & 53065.13 MT in Gujarat.
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