Cotton futures (Apr) may witness some correction towards 21500, facing resistance near 21800 levels.
This
soft commodity is trading on a weaker note on the spot markets due to careful demand by mills and industrial buyers amid mixed
cues from both domestic and US markets. On the other hand, 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. Chana futures (Apr) is not being able to hold up the
gains due to ongoing domestic arrivals, supply from overseas & sluggish sale counters in processed pulses. Hence, the counter
may get stuck in a consolidation within 4230-4260 levels. On the spot markets, chana (kanta) quoted at Rs.4,000-4,050 a quintal,
while chana (vishal) ruled at Rs.4,100 and chana (desi) at Rs.3,900. The upside momentum of guar seed futures (Mar) is expected
to restricted near 4400 levels, while guargum futures (Apr) may witness consolidation in the range of 8850-8950 levels with upside
getting capped. Guar crop being a rain-fed crop, currently all the attention of the growers are on tracking the development of ElNino & its impact on monsoon. In a recent report, the Australian Bureau of Meteorology has upgraded the outlook for a warmingtrend in the Equatorial Pacific from an El Nino 'watch' to El Nino 'alert', indicating a raised probability of an El Nino this year. But
getting into the details, it is being concluded that this forecast agency also sees an evolving positive phase of the Indian Ocean
Dipole (IOD) in June-July-August, boosting the monsoon flows in the first three rainiest months of the Indian monsoon and also
speed up the cultivation progress.
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