Cotton futures (Jan) may witness a consolidation in the range of 20500-21100 levels.
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Cotton prices edged higher in Punjab, Haryana and upper Rajasthan on
Tuesday due to shortage in this season & positive global cues. Globally, the most
active cotton March contract on ICE Futures US gained amid weaker dollar and on
renewed optimism for a US-China trade deal. On the export front also, China is not
buying much yarn due to which the supplies are not replenishing and the payment
cycle is getting affected. Guar seed futures (Feb) is expected to trade in the range
of 4250-4400; while guar gum futures (Feb) will possibly trade above 8400 level.
Guar gum prices staged a strong comeback with prices recovering after investors
built up fresh positions at prevailing levels, driven by pick up in export demand.
According to the market men, building up of fresh positions by participants due to
pick up in export demand for oil drilling industries lift market sentiments. The down
trend in Chana futures (Mar) may continue and to test 4150 as the sentiments are
still weak due to continued selling of stock at lower rates by Nafed. Nafed has sold
around 4.69 lakh tonnes of Chana as on January 10, 2019 in various states from the
total procured quantity of 27.22 lakh tonnes.
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