Cotton futures (Apr) may plunge further to test 21140-21000 levels.
CAPITALSTARS INVESTMENT ADVISOR
The Cotton Corp of India has
commenced sale of the commodity procured so far in the current marketing season as open market prices have shot up by 1,200-
1,400 rupees per bale in the past three-four weeks. The agency has procured around 1.1 mln bales (1 bale = 170 kg) of cotton in
the ongoing marketing season that started on Oct 1. Of the total procured stocks, around 80% have been purchased from
Telangana followed by Maharashtra. Chana futures (Apr) is expected to trade on a steadier note in the range of 4245-4345 levels.
On the spot markets, Chana prices traded mixed at major markets in the country amid limited millers trade activity as demand in
chana dal and besan from consumption centres is still slack. Guar seed futures (Apr) is expected to take support near 4280 levels,
while guargum futures (Apr) may remain steady above 8650 levels. The El Nino phenomenon may spell bad news for monsoons in
India this year as it may intensify, according to latest weather forecast reports. The US National Oceanic and AtmosphericAdministration (NOAA) said there is an 80 percent chance of El Nino prevailing in March-May, which will decrease to 60 percent
during the June-August period. Mentha oil futures (Apr) is expected to take support near 1585 & trade with an upside bias. The
sentiments are positive because of a rise in demand from domestic stockists amid lower inventories. Also, there is demand from
both domestic and overseas buyers at existing price levels.
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