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Cotton futures (Dec) is looking bearish and is expected to come down & test 21600 levels, facing resistance near 21885 levels. The Cotton Corporation of India (CCI) has so far procured 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. Buyers are uncertain and finding difficult to decide whether buy in large quantity for long term use or wait as domestic and global cues are indecisive. The mills are buying hand to mouth fashion due to higher cotton rates, which has put stress on their margins. Guar seed futures (Jan) will probably consolidate in the range of 4400-4440 and trade owing to projection of lower output. While, the upside in guar gum futures (Jan) may remain capped facing resistance near 8970 levels. These counters are not moving in tandem with each other & it can be judged from the fact that guar gum-guar seed ratio has sharply plunged from 2.19 to 2.0 within a month owing to lower than expected export demand of guar gum on the contrary more demand of guar seed to meet the requirement of cattle feed called korma and churi. Chana futures (Jan) is expected to trade with a bearish bias & test 4500 levels. Chana traded mixed at major spot markets in the country amid selective millers trade activity as demand and sale counters in Chana dal and besan remained slackened. Chana prices traded lower at Barsi, Daryapur, Jalna, Raipur and Ganj Basoda on dull millers' demand. While, the commodity moved higher at Amravati, Jalgaon, Dahod, Kekri, Kishangarh, Mandsaur and Vidisha on local buying support. Nafed activeness in liquidating procured stock at existing prices also pressurised sentiments.
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