Cotton futures (Feb) is likely to recover from lower levels taking support near 20800 levels.
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Cotton futures posted 21 to 26 point gains on Wednesday. Crude oil
was up $0.92/barrel on the day. The US dollar index dropped 376 points lower on
the day following the two-day Fed meeting. They left rates UNCH this month and
noted patience with future rate adjustments. US and Chinese trade officials met in
DC starting today. Traders are waiting to see what comes out of the meetings, with
still a month left in the 90-day deadline. Guar seed futures (Feb) will probably
remain steady taking support near 4240 levels, while guar gum futures (Feb) may
remain stable above 8570 levels. A probability forecast for El Niño and La Niña
(ENSO) by the IMD indicated maximum probability for ENSO neutral conditions
(neither an El Niño event nor a La Niña event in February this year. Propensity
towards a deficient monsoon is more during El Nino conditions & if the forecast
turns to be true, then it will hamper the output of guar in 2019-20 (Oct-Sept), and
positive signal to the prices. Chana futures (Mar) is expected to test 4150 levels on
the lower side. The overall sentiments are weak as arrivals of new crop are likely to
improve and increased availability of the government stock and the rise in selling
pressure of chana by the NAFED, especially in the states of Madhya Pradesh and
Rajasthan.
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