Cotton futures (Mar) is expected to trade with an upside bias & may test 21300- 21350 levels.
CAPITALSTARS INVESTMENT ADVISOR
On the international market, Cotton futures posted 20 to 87 point
gains in most contracts on Wednesday. A weaker US dollar index and stronger
crude oil helped cotton on Wednesday. USDA will release the Export Sales report on
Thursday morning, showing bookings for the week of March 7. Back at home, the
country’s cotton production is set to hit a 10-year low of 328 lakh bales this season
mainly due to rain deficit in key states such as Gujarat, Karnataka, Telangana and
Maharashtra, Cotton Association of India has said. On the export front, at this rate
Indian cotton is having good parity for export. The market participants are
expecting that if this rate continues for another 45 days, the country will achieve
our export target of 50 lakh bales very easily. Chana futures (Apr) will possibly
trade face resistance near 4270 & witness profit booking from higher levels. Chana traded mixed at major markets in the country amid ongoing domestic arrivals,
limited millers trade activity demand in chana dal and besan from consumption
centres was still slack. Kabuli Chana of all origin declined by Rs.50-150/100Kg as
per count wise at Indore amid dull buying at higher rates and ongoing arrivals.
Mentha oil (Mar) is likely move further ahead towards 1720 levels. The overall
sentiments are bullish as demand from both domestic and export fronts are
emerging at existing price levels. However, profit booking from higher levels cannot
be denied as the counter is in overbought zone and hence fresh buying should be
avoided.
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