Cotton futures (Mar) may trade with a negative bias & face resistance near 21320 levels
CAPITALSTARS INVESTMENT ADVISOR
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 cottonprice. 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. 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. Bloomberg reports that
U.S. officials are concerned China is pushing back against American demands in trade talks. Chana futures (Apr) is expected to
take support near 4200 levels & remain steady. 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 1625-1660 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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