CAPITALSTARS TUESDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 19 MARCH 2019

The upside moves of cotton futures (Mar) may remain restricted near 214000 levels. 

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 After the recent spurt in cotton prices, many ginning factories in Telangana and Gujarat have stopped their operation as the cotton production has gone down. So, arrival of the cotton bales to Tamil Nadu markets has decreased, and resulted in sudden increase of the cotton price. However, the prices are expected to cool down as 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. On the international market, ICE cotton futures were mixed on Monday, with the nearby contracts down 19-23 points and back months slightly higher. The market participants are waiting on the clarity of the export demand, after a news came out that the proposed summit between U.S. President Donald Trump and China's Xi Jinping to end the ongoing trade conflict between the world's two largest economies may be pushed back to June. Chana futures (Apr) is expected to take support near 4210 levels & remain steady. The near term support is 4250 levels. The positive factor which may lift the sentiments is that the festival demand for chana ahead of Holi. The Besan or Gram flour is used in making a variety of savoury and sweet dishes. Mentha oil (Mar) is likely to take support in the range of 1635- 1645 levels & trade with an upside bias. The overall sentiments are still bullish as demand from both domestic and export fronts are emerging at existing price levels. While, the major producing belts of Chandausi in Uttar Pradesh are witnessing lower arrivals as farmers are holding back their produce anticipating rise in prices ahead.

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