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Cotton futures (Dec) is expected to consolidate in the range of 21750-22100. Cotton prices ruled steady in Punjab,Haryana and upper Rajasthan as buyers turned cautious amid higher rates. The increase in raw cotton rates has dented buying from ginners due to disparity, whereas millers are reluctant also due to higher cotton rates against slow demand in cotton yarn. In the international market, Cotton futures saw 9 to 14 point losses in the front months on Tuesday, with deferred contracts slightly higher.USDA will delay its weekly Export Sales report until Friday, as the government is closed for Wednesday’s National Day of Mourning for former President George H.W. Bush. Guar seed futures (Dec)is expected to trade sideways to up taking support near 4410 levels, while guar gum (Dec) 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 4600-4550 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. Australia origin Chana in ready business at Mumbai and Mundra portfell by Rs.50 each at Rs.4,600/100kg and Rs.4,650, respectively. Similarly, Burma origin chana declined by Rs.50 to Rs.4,600/100Kg on dull trade despite shortage of ready stock. Kabuli chana of all counts fell by Rs.50/100Kg at Indore market in the absence of local buying.
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