Monday 25 February 2019

CAPITALSTARS MONDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 25 FEB 2019

Cotton futures (Mar) is likely to trade sideways trend & hover in the range of 20290- 20650 levels with upside getting capped. 


The fundamentals cite that the imports are subdued as the arrival season is at its peak and there is sufficient supply in the market. For the time being, Indian spinning mills await for clarity on market trend in the wake of uncertainties over the US-China trade talks and currency moves. In the international a positive settlement between US-China trade talks resulted in a sharp rally & gave some support to the oversold counter near 70 cents for the time being. Chana futures (Mar) is likely to trade ith a downside bias & test 4130-4100 levels. The selling pressure that is being seen is due to NAFED selling the government stock in the states of Madhya Pradesh and Rajasthan. However, amidst the bearish sentiments, the market participants are optimistic on rise in prices owing to the reports that yield of the chana crop in Madhya Pradesh and Rajasthan is likely to take a hit this year due to several incidents of hailstorm, while on the contrary the output is seen falling as acreage in Maharashtra and Karnataka declined sharply due to severe water stress. Mentha oil (Feb) is likely to witness selling & is expected to trade sideways to down in the range of 1600-1630 levels. The sowing of the crop has started towards the end of last month, and with couple of weeks passing by the initial estimates are showing up that production of menthaoil is expected to rise to 48,000-50,000 tons in 2019 from 33,000-35,000 tons last year. 

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