Cotton futures (Mar) is expected to trade sideways to up in the range of 20730- 21100 levels.
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. The trade body
cut its production estimate yet again, by 2 lakh bales of 170 kg each. It has now cut
the production estimate by 8.6% from its first estimate of 348 bales during the past
six months. 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 with an upside bias in the range of 4150-
4190. In news, the government of Maharashtra has sought permission from the
Centre for the procurement of Chana. Also, there are market talks that the
government is likely to relax quantitative restrictions on import of yellow peas from
April as 2018-19 (Jul-Jun) pulses output is seen lower on year. For 2018-19, the cap
on yellow peas import was set at 100,000 tn. Mentha oil (Mar) is likely move further
ahead towards 1680 levels. The overall sentiments are bullish as demand from
both domestic and export fronts are emerging at existing price levels. Besides,
delayed sowing in the largely concentrated in Barabanki, Sambhal and Chandausi
in Uttar Pradesh is likely to affect the crop yield.
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