Cotton futures (Mar) is likely to trade sideways trend & hover in the range of 20530- 20730 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 with a downside bias in the range of
4110-4160 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 (Mar) is likely to witness
selling facing resistance near 1650 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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