CAPITALSTARS MONDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 18 MARCH 2019

The upside moves of cotton futures (Mar) may remain restricted near 21320 levels.

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After the recent spurt in cotton prices, many ginning factories in Telangana and Gujarat have stopped their operation as the cotton production has gone down. So, arrival of the cotton bales to Tamil Nadu markets has decreased, and resulted in sudden increase of the cotton price. However, the prices are expected to cool down as the Cotton Corporation of India (CCI) is likely to start selling its existing stocks, procured in the ongoing 2018-19 season (Oct-Sept) from April. On the international market, ICE cotton futures (May) is facing resistance near 77 cents per pound. In days to come may trade with a downside bias reacting negative to the news that a meeting between President Donald Trump and President Xi Jinping to sign an agreement to end their trade war won’t occur this month and is more likely to happen in April at the earliest. Chana futures (Apr) may show a break out of its resistance near 4270 & move higher to test 4320 levels. The near term support is 4250 levels. The positive factor which may lift the sentiments is that the festival demand for chana ahead of Holi. The Besan or Gram flour is used in making a variety of savoury and sweet dishes. Mentha oil(Mar) is likely to gain further to test 1730 levels. The overall sentiments are still bullish as demand from both domestic and export fronts are emerging at existing price levels. While, the major producing belts of Chandausi in Uttar Pradesh are witnessing lower arrivals as farmers are holding back their produce anticipating rise in prices ahead.

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