CAPITALSTARS TUESDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 26 MARCH 2019

Cotton futures (Apr) may witness some correction towards 21500, facing resistance near 21750 levels.

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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 not being able to hold up the gains due to ongoing domestic arrivals, supply from overseas & sluggish sale counters in processed pulses. Hence, the counter may get stuck in a consolidation within 4210-4250 levels. Rajasthan origin old and Madhya Pradesh origin new chana traded lower by Rs.25 each to Rs.4,250/100kg and Rs.4,025-4,050, respectively at the Lawrence road market of Delhi due to dull millers buying as demand in chana dal and besan from consumption centres was sluggish. Guar seed futures (Apr) is expected to witness profit booking & test 4350 levels, while guargum futures (Apr) may descend towards 8800 levels. Guar crop being a rain-fed crop, currently all the attention of the growers are on tracking the development of El-Nino & its impact on monsoon. In a recent report, the Australian Bureau of Meteorology has upgraded the outlook for a warming trend in the Equatorial Pacific from an El Nino 'watch' to El Nino 'alert', indicating a raised probability of an El Nino this year. But getting into the details, it is being concluded that this forecast agency also sees an evolving positive phase of the Indian Ocean Dipole (IOD) in June-July-August, boosting the monsoon flows in the first three rainiest months of the Indian monsoon and also speed up the cultivation progress. 

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