CAPITALSTARS THRUSDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 04 APRIL 2019

Cotton futures (Apr) is likely to trade sideways in the range of 21800-22000 levels. 

CAPITALSTARS INVESTMENT ADVISOR

On the internationalmarket, Cotton futures were 12 to 26 points lower at the end of the futures session. The Cotlook A Index was down 15 points at 86.90 on April 2. The weekly Export Sales report will be released on Thursday, with traders again watching for sales to China. The trade is also keeping an eye on the US/China trade talks going on in DC this week. It is reported that President Donald Trump will meet on Thursday with Chinese Vice Premier Liu He, who is in Washington for trade talks, according to Trump’s schedule released by the White House on Wednesday night. The meeting is scheduled to take place at 4:30 p.m. EDT (2030 GMT) in the Oval Office, according to the schedule. Chana futures (Apr) is expected to trade sideways in the range of 4435-4490 levels. Chana prices traded higher at major markets in the country owing to millers buying. Moreover, Weak availability and stoppage of NAFED selling chana have lifted prices by Rs.300 in the past one week with chana (kanta) rising to Rs.4,350-4,400 a quintal, while chana (vishal) ruled at Rs.4,1200-4,400 and chana (desi) at Rs.4,300. Guar seed as well as Guar gum futures (Apr) are looking bullish as they are expected to take support near 4365 & 8750 levels respectively. Coming to the fundamentals of guar, it is being anticipated that exports of the guar gum are likely to be higher in 2018-19. The demand for guar gum has started to rise as a hydraulic fracturing agent after crude oil prices are trading near its 3-month high levels. The market participants are optimistic about more orders to come from the food processing sector. In latest news, a newer guar gum product has been developed & approved for large scale production of potash fertilizers to increase its stability providing better conditioning. It is reported that orders have been received for this new product & these orders are expected to execute during financial year 2019-20.

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