CAPITALSTARS TUESDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 08 JAN 2019

CapitalStars Investment Adviser

Cotton futures (Jan) on MCX is expected to take sport 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 consolidate in the range of 4340-4440 levels, while guar gum futures (Feb) will possibly face resistance near 8800 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 an upside of 4435, taking support near 4375 levels. A big drop in acreage has been seen in the case of gram due to low area coverage in Maharashtra as it has been hit by drought. The area covered under gram till this week was around 9.3 million hectares. This is around 1.13 million hectares less than last year. Of this, around 0.61 million hectares is in Maharashtra alone.

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