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Cotton futures (Jan) may trade sideways to down facing resistance near 21210 levels. Cotton prices remained steady at the major markets across central and south India due to limited buying and selling activity despite firm futures and lower than expected supply. Activity in the market was thin due to slow buying by mills and exporters. Exporters buying in the region are slow on weak inquiry from overseas as rates are now at par with international market. Mills demand is hand to mouth also due to expectations of some more correction amid weak global outlook, followed by subdued inquiry in yarn market. Guar seed futures (Jan) is expected to witness a sideways trend in the range of 4250-4325 levels, while guar gum futures (Jan) may remain stable above 8300 levels. Guarseed and Guargum price gained in major markets across Rajasthan due to strong cues from crude oil and dwindling supply. A majority of new crop has arrived in the markets and now supply is going to shrink due to slow selling by farmers at lower rates. Guarseed new crop now will come only in October and it’s long way to go and lower supply is certainly likely to provide support to the commodity. However the trend in Guarseed and Guargum will heavily rely on crude oil movement followed by exports of Guargum. Chana futures (Jan) is likely to trade sideways taking support near 4240 levels. Weak availability of chana with the stockists and pulse mills and scarce supply of the Nafed stock have lifted the prices of chana at the mandis in Indore.
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