Friday 15 March 2019

CAPITALSTARS FRIDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 15 MARCH 2019

Cotton futures (Mar) is expected to trade sideways to down in the range of 20885- 21090 levels.

CAPITALSTARS INVESTMENT ADVISOR
ICE Cotton futures settled with 79 to 142 point losses on Thursday. A stronger US dollar was seen as pressure. The Trade war continues as a meeting between President Trump and President Xi of China has still not been set. The Cotlook A Index was down 20 points on March 12 to 81.55 cents/lb. Back at home,Cotton Corporation of India (CCI) is likely to start selling its existing stocks, procured in the ongoing 2018-19 season (Oct-Sept) from April. The procurement has so far almost reached at 1.1 million bales (1 bale = 170 kg) and 400,000- 500,000 bales will likely in coming weeks, the report said quoting an official. The Corporation expects procurement to touch 15 lakh bales by the end of the season. Chana futures (Apr) will possibly trade sideways in the range of 4210-4250. Chana traded mixed at major markets in the country amid ongoing domestic arrivals, limited millers trade activity demand in chana dal and besan from consumption centres was still slack. Kabuli Chana of all origin moved higher by Rs 50/100Kg at Indore amid fresh local buying at lower rates against ongoing arrivals. Mentha oil (Mar) is likely move further ahead towards 1720 levels. The overall sentiments are bullish as demand from both domestic and export fronts are emerging at existing price levels. However, profit booking from higher levels cannot be denied as the counter is in overbought zone and hence fresh buying should be avoided. 


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