Cotton futures (Feb) is likely to recover from lower levels & head towards 21040 taking positive cues from the international markets.
ICE Cotton futures were
mostly 13 to 30 points higher at Tuesday’s settlement. A bounce in crude oil was
supportive to cotton. The US dollar continues to weaken vs. the Chinese yuan,
which could eventually give them some more buying power. US and Chinese
officials will meet in DC starting on Wednesday. The Cotlook A Index was up 100
points on January 28 to 83.6 cents/lb. The USDA Adjusted World Price is 64.90
cents/lb, effective through Thursday. The weekly Export Sales report would
typically be scheduled for this Thursday. 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 take support near
4180 levels & the downside may remain capped on account of lower sowing this
Rabi season. However, 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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