Cotton futures (Feb) is likely to test 20700-20600 levels on the downside due to lack of demand.
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Cotton prices ruled mixed in Central and South India on Monday
due to selective demand from mills. Prices ruled firm in Gujarat, Maharashtra and
Andhra Pradesh on mills' buying. While were steady to down in Madhya Pradesh,
Telangana and Karnataka due to sluggish trading activities. Guar seed futures
(Feb) will probably remain steady taking support near 4240 levels, while guar gum
futures (Feb) may remain stable above 8475 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 (OctSept), and positive signal to the prices. Chana futures (Mar) is expected to plunge
further towards 4150 levels taking negative cues from the spot markets. A sluggish
trend in chana is being witnessed in the domestic markets amid 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. Additionally,
millers are not actively engaged in buying as demand in sale counters for Chana dal
and besan is poor. Sentiments are still weak as arrivals of new crop are likely to
improve and also on continued selling of stock at lower rates by government
agency as they are holding major old stocks.
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