Friday 22 February 2019

CAPITALSTARS FRIDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 22 FEB 2019

Cotton futures (Feb) is expected to trade sideways in the range of 20000-20200. 


On the spot markets, cotton prices are expected to remain firm this year due to lower production in the country, apart from rising consumption. On the international market, ICE Cotton futures settled the Thursday session with most nearby contracts 109 to 191 points higher. Progress is reportedly being made between the US and China this week, with reports showing the two countries developing several Memorandum of Understandings. The Cotlook A Index was up 25 points on February 20 to 80.30 cents/lb. The Mar 19 Cotton closed at 72.190, up 191 points, May 19 Cotton closed at 74.010, up 185 points, Jul 19 Cotton closed at 74.990, up 165 points. Chana futures (Mar) is expected to trade sideways in the range of 4175-4220 levels. Dal mills have kicked off stocking to build inventory after a jump in arrival of pulses from fresh harvest that is likely to double up in coming weeks. Dal mills purchase raw pulses from market and then process it into dal of various grades. On processing 60% comes out as dal, while 25% goes as cattle feed. The rest is wasted. Another reason for the upside momentum is being attributed to the market talks that Nafed will not sell chana in open markets and will go to build buffer stock around 10 lakh tonnes. Mentha oil (Feb) is likely to face resistance near 1640 & witness profit booking towards 1595-1565 levels. It is being estimated that this year production of mentha oil is expected to rise to 48,000- 50,000 tn in 2019 from 33,000-35,000 tn last year.  

HAPPY TRADING!!!!!!!!!!!!!!!!!!
Click here to visit my website : https://bit.ly/1h8KZUM
Free Trial link : https://bit.ly/2u2GUhK
Any queries CALL US : 9977499927
CLICK HERE FOR GET DETAILS & JOIN OUR BEST ADVISORY  -
CAPITALSTARS CALL US : 9977499927


Posted by at
Labels: , , , , , ,
Location: India

0 comments:

Post a Comment

Subscribe to: Post Comments (Atom)