Cotton futures (Mar) is likely to test 21120 levels on the higher side.
CAPITALSTARS INVESTMENT ADVISOR
It is reported
that Indian traders have contracted for export 5 lakh bales to China for shipments
in the next two months. Meanwhile, Cotton deposited in Multi Commodity
Exchange accredited warehouse soared to all-time high of 1.81 lakh bales and
surged by 56 per cent on Tuesday compared to 1.16 lakh bales logged in the same
period last year. The cotton contract continues to attract increased traction from
ginners, traders, farmers and corporates among other stakeholders. Chana futures
(Mar) will possibly face resistance near 4175 levels amid slackened physical trade
activity, ongoing new arrivals. Sentiments are weak due to rise in selling of chana
by the NAFED. The latest report on Nafed sale report of Chana Procured under PSS
during Rabi-18 season as on 27 February, 2019 shows that the total procured Qty.
(Net) is 27,24,051.17 MT, progressive quantity sold is 7,81,115.16 MT, leaving a
surplus of 19,42,936.01 MT. Mentha oil (Mar) is expected to trade with an upside
bias in the range of 1595-1630 levels on reports of delayed sowing in the major
growing regions due to the ongoing weather disturbances. As per reports, farmers
are worried as untimely rains and inclement weather conditions may affect the crop
yield. The market participants are holding on to the optimistic view that prices of
mentha oil should rise because of demand from local consumers due to falling stocks of the previous crop. The new crop of mentha oil is likely to hit markets by
June.
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