Cotton futures (Apr) may witness some correction towards 21520, facing resistance near 21450&21385 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 expected to trade on a steadier note in the range of 4230-4270 levels. On the spot markets, Chana and its dal ruled stable amid subdued demand with chana (kanta) quoted at Rs.4,050 a quintal, while chana (vishal) ruled at Rs.4,100-4,200 and chana (desi) at Rs.3,800-3,850. Guar seed futures (Apr) is looking bullish as it can test 4500 levels, while guargum futures (Apr) may rise towards 9100 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 Atmospheric Administration (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 gain further towards 1610. 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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