Cotton futures (Apr) is expected to take support near 22010 levels & trade with an upside bias taking support from the international markets.
ICE Cotton futures were up 36 to 120 points in most contracts on Thursday. All old crop upland cotton export sales were reported at 238,967 RB by the USDA. That was up 9.84% wk/wk but down 23.4% from this time last year. Turkey was the top buyer of 88,400 RB, with 74,600 RB for India. May 19 Cotton closed at 76.97, up 120 points, Jul 19 Cotton closed at 78.32, up 120 points Oct 19 Cotton closed at 76.88, up 71 points Dec 19 Cotton closed at 76.71, up 65 points. Chanafutures (May) may trade with a downside bias & test 4320 levels on estmates of higher output. The government as per the second advance estimates for 2018-19 is hoping to have a substantial 10 per cent increase in pulses production at 26.3 mt, as against the target of 24 mt in the previous year. Guar seed & guar gum futures (May) may face resistance near 4410 & 8850 respectively. The upside may remain capped on account of forecast of good monsoon & guar being a rain-fed crop, this is a major negative factors for the prices. The Australian Bureau of Meteorology (BoM) has updated that El Nino would be short-lived and weak. This forecast is supporting the India Met Department (IMD) outlook that monsoon would be close to normal. The BoM has also mentioned that the Indian Ocean Dipole (IOD) could possibly turn into a positive phase during June to November, giving way to a healthy Indian monsoon.
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