Cotton futures (Mar) is likely to trade sideways trend & hover in the range of 20400- 20600 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 market, Cotton futures saw 30 to 34 point gains in most contracts on
Wednesday. The up to date USDA Export Sales report will be out on Thursday
morning, showing data from the week ending 2/21. Chana futures (Mar) is likely to
test 4050 levels on the downside. The sentiments are bearish due to weak trend of
pulses in the spot markets. Amid subdued demand and limited trading, the
majority of pulse seeds in Indore mandis. The demand in chana dal and besan was
sluggish from consumption centres. Sentiments are still weak due to availability of
the government stock and the rise in selling of chana by the NAFED, especially in
the states of Madhya Pradesh and Rajasthan. Mentha oil (Mar) is likely to witness
selling facing resistance near 1640 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 mentha oil is expected to rise to
48,000-50,000 tons in 2019 from 33,000-35,000 tons last year.
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