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. In the
international markets, Cotton futures closed the Wednesday session with most contracts steady to 14 points lower. The Cotlook A
Index was UNCH points on February 19 to 80.05 cents/lb. The USDA Adjusted World Price is 62.27 cents/lb through this Thursday.
This week’s Export Sales report will be delayed until Friday due to Monday’s holiday. It should bring the data up to date, with data
reported from the weeks of Jan 10-Feb 14. Chana futures (Mar) is expected to trade sideways in the range of 4220-4260 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 1680 & witness profit booking from higher 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.
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