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 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 an upside bias & trade higher
towards 4155-4170 levels. The output is seen falling as acreage in Maharashtra
and Karnataka declined sharply due to severe water stress. According to data by
the farm ministry, the area under chana was down 10.1% on year at 9.65 mln ha as
of last week. Yield of the crop in Madhya Pradesh and Rajasthan is also likely to take
a hit this year due to several incidents of ground frost, hailstorm and heavy rains in
the last few weeks. 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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