Cotton futures (Mar) is expected to trade sideways to up in the range of 20600- 20850 levels.
This season the gap between demand-supply will possibly widen as
there would be no third, fourth or fifth pickings, which are usual practice every year.
Due to shortage of rain this year, there will be no third and fourth pickings in most of
the cotton-growing states. In regular course in India, farmers take 4 to 5 pickings.
On the export front, Indian traders have signed contracts to ship 800,000 bales of
cotton to China as demand surged from the world's biggest consumer of the fibre
due to a rally in prices in China. However, one should keep a close watch on the
price movement of the U.S cotton as this counter is on a roller coaster ride getting
hit by a stronger dollar and weak US export sales data. Chana futures (Apr) will
possibly trade with an upside bias in the range of 4150-4190. In news, the
government of Maharashtra has sought permission from the Centre for the
procurement of Chana. Also, there are market talks that the government is likely to
relax quantitative restrictions on import of yellow peas from April as 2018-19 (JulJun) pulses output is seen lower on year. For 2018-19, the cap on yellow peas
import was set at 100,000 tn. Mentha oil (Mar) is most likely to breach the
resistance near 1645 & move further ahead towards 1660-1680 levels. The overall
sentiments are bullish as demand from both domestic and export fronts are
emerging at existing price levels. Besides, delayed sowing in the largely
concentrated in Barabanki, Sambhal and Chandausi in Uttar Pradesh is likely to
affect the crop yield.
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