Cotton futures (Mar) is expected to trade with an upside bias & may even breach the resistance near 21085 levels.
CAPITALSTARS INVESTMENT ADVISOR
On the international market, Cotton futures
posted 77 to 165 point gains in most contracts on Tuesday. Back at home, 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 face resistance near 4270 & witness profit
booking from higher levels. Chana traded mixed at major markets in the country
amid ongoing domestic arrivals, limited millers trade activity demand in chana dal
and besan from consumption centres was still slack. Kabuli Chana of all origin
declined by Rs.50-150/100Kg as per count wise at Indore amid dull buying at
higher rates and ongoing arrivals. Mentha oil (Mar) is likely move further ahead
towards 1720 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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