CAPITALSTARS WEDNESDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 06 MARCH 2019

A consolidation can be seen in cotton futures (Mar) in the range of 20720-20920 levels. 

   CAPITALSTARS INVESTMENT ADVISOR

On the spot markets, Cotton prices ruled higher in Central and South India due to better buying by mills against lower arrivals. On the international market, Cotton futures closed the Tuesday session with most contracts 57 to 148 points higher, despites a stronger dollar. The CFTC Commitment of Traders report indicated that money managers in cotton futures and options added 2,170 contracts to their large net long position on 2/26. That position was reported at 21,024 contracts on that date, the largest reported net short position since May of 2007. The monthly Crop Production report will be released on Friday. Chana futures (Mar) will possibly face resistance near 4135 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 1587 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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