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Cotton futures (Jan) is expected to trade with a negative bias in the range of 20700-21300 levels. Cotton prices continued their downward trend in South and Central India as buyers preferred to remain on the sidelines on dampened sentiments following sluggish economic activity across global markets. Mills are cautious and in 'wait and watch' mode anticipating a further drop in prices. However, despite improved arrivals, sellers do not find current levels profitable and have slowed down activity. On the international market, Cotton futures saw losses of 63 to 92 at Monday’s early close. That was despite a weaker US dollar, though crude was down $2.91/barrel. Everybody is pointing at different reasons (global slowdown, 1930’s type economy killing export fight, political mess in Washington) but bottom line is that buyers and bottom pickers are in no hurry to commit. Guar seed futures (Jan) is expected to witness an extended downside towards 4100 & guar gum futures (Jan) is likely to test 8100 levels. The North American oil sector leaning towards slick water which is cheaper than guar gum has prompted crushers to wait and watch, while stockists are now avoiding buying Guar as they have already procured it in good quantity, but now they are very much concerned due to losses. Guarseed stocks in the country is said to be ample to cater demand for Guargum, which has also weighed on market sentiments. Chana futures (Jan) is expected to continue its bearish trend & descend towards 4300-4250 levels for the fourth consecutive week. Chana prices slipped at major spot markets in the country following weak cues from futures, dull physical trade activity as demand and sale counters in Chana dal and besan remained slackened.
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