Cotton futures (Feb) may witness lower level buying taking support near 20800 levels.
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Cotton prices remained mixed in Central and South India due to selective
demand from mills amid divergent cues from domestic and and global futures.
Prices ruled steady in Gujarat, Andhra Pradesh and Karnataka. While were down in
Maharashtra and Telangana. On the other hand, the commodity quoted firm in
Madhya Pradesh. Meanwhile, sluggish demand and price disparity have hit the
entire cotton value chain, leaving stakeholders complaining about cash crunch as
money has been locked up in inventories and prompting yarn manufacturers to cut
prices. Export demand has reduced as Indian cotton has turned more expensive
than that in the international market. Now, only mills are buying as per their
requirement. Mentha oil futures (Jan) is expected to trade with a negative bias
facing resistance near 1530 levels. The overall sentiments are still bearish amid
subdued demand from consuming industries against higher supplies from
producing regions. Market participants opined that demand continued to remain
subdued for mentha oil. Exporters are also restraining themselves from buying,
anticipating further correction in prices. Chana futures (Mar) may witness more
correction towards 4150 levels. Sentiments are still weak as arrivals of new crop
are likely to improve and also on continued selling of stock at lower rates by
government agency. The government agencies are holding major portion of
procured old crop around 22.5 lakh tonnes and is liquidating in the market due to
average quality and also before arrivals of new crop.
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