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Cotton futures (Jan) on MCX is expected to fall further & test 20580 levels. Cotton prices remained mixed in central and south India due to selective demand from mills. As far as export demand is concerned, it has reduced as Indian cotton has turned more expensive than that in the international market. Now, only mills are buying as per their requirement. Moreover, cotton ginners across the country are going through tough times. Guar seed futures (Feb) may plunge towards 4115 levels, while guar gum futures (Feb) will possibly plunge towards 8000 levels. Amid, volatility in crude oil prices in the international markets and global economy concern, the stockists are mostly sidelined. On the demand front, questions are being raised on guargum exports after it is reported that in U.S thousands of shale wells that were drilled in the last five years are pumping less oil and gas than their owners forecast to investors, due to less profitability of the fracking boom. Chana futures (Mar) is likely to witness correction towards 4250 levels. Chana prices continued to trade lower at major spot markets in the country following selling pressure on futures and dull physical trade activity as demand and sale counters in Chana dal and besan remained sluggish. Favourable weather for Chana crop and Nafed activeness in liquidating procured stock at lower prices and arrivals of new
domestic crop will hit market soon had also pressurised sentiments.
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