A consolidation can be seen in cotton futures (Mar) in the range of 20720-20920 levels
On the spot markets, cotton prices have softened, despite a lower crop, on
weak demand from both yarn mills and overseas markets. From the total 330 lakh
bales of crop, cotton farmers have brought 50% & the balance will be bringing into
the markets over the next couple of months. On the demand side, the cotton export
from the country is expected to slow down in coming months due to comparatively
higher domestic prices than the world. On the international market, market
participant’s activity in cotton continues to be handcuffed by the U.S-China trade
dispute. Chana futures (Mar) will possibly face resistance near 4145 levels amid
slackened physical trade activity, ongoing new arrivals. Sentiments are weak due to
rise in selling of chana by the NAFED. The latest report on Nafed sale report of
Chana Procured under PSS during Rabi-18 season as on 27 February, 2019 shows
that the total procured Qty. (Net) is 27,24,051.17 MT, progressive quantity sold is
7,81,115.16 MT, leaving a surplus of 19,42,936.01 MT. Mentha oil (Mar) is expected
to hold above 1590 levels on reports of delayed sowing in the major growing
regions due to the ongoing weather disturbances. As per reports, farmers are
worried as untimely rains and inclement weather conditions may affect the crop
yield. The market participants are holding on to the optimistic view that prices of
mentha oil should rise because of demand from local consumers due to falling
stocks of the previous crop. The new crop of mentha oil is likely to hit markets by
June.
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