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Cotton futures (Jan) may witness a consolidation in the range of 20500-21050 levels & may continue to trade with downside bias after posting a relief rally. Despite the fact of shortage this season, the prices are showing a negative trend due to sluggish demand. Cotton prices ruled steady to down in central and south India on Monday due to lacklustre buying amid bearish global cues. Market activities remained very sluggish on lower demand. 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 8450 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. Chana futures (Mar) may break the support levels of 4300 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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