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Cotton futures (Jan) on MCX is expected to take support near 20700 levels & trade with an upside bias. The reason being, In its latest estimate for cotton crop, the apex body, the Cotton Association of India (CAI), has predicted India's cotton crop at 335 lakh bales (each of 170kg) for the year 2018-19, about 8 per cent lower from 365 lakh bales reported last year. Citing water shortage due to deficient rainfall in the growing regions, CAI stated that farmers in about 70-80 per cent of the cotton area have uprooted cotton plants. Guar seed futures (Feb) may plunge towards 4200-4180 levels, while guar gum futures (Feb) will possibly plunge towards 8200 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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