Cotton futures (Apr) will possibly witness a correction towards 21800 levels
The Cotton Association of India
(CAI) has estimated exports for the season 2018-19 at 47 lakh bales which are lower by 22 lakh bales compared to the export of
69 lakh bales estimated during last year. Moreover, international cotton prices ended down after USDA reports mentioned that the
2018/19 U.S. cotton supply and demand forecasts show lower consumption and higher ending stocks relative to last month. At 3.1
million bales, U.S. cotton consumption is now forecast to reach its lowest level since the 1890s. Ending stocks are now forecast at
4.4 million bales, a 100,000-bale increase from both the previous 2018/19 estimate and from the current estimate for 2017/18. The
season-average farm price is unchanged with a midpoint of 70 cents per pound. Chana futures (May) is expected to trade with a
downside bias & can test 4410 levels. Barring moong, the majority of pulse seeds either ruled stable or traded low on slack and
subdued demand. Chana traded mixed at major markets in the country amid ongoing domestic arrivals and limited millers trade
activity as demand in chana dal and besan from consumption centres is still slack. Mentha oil futures (April) is likely to consolidate
in the range of 1455-1485 levels. New mentha crop will start reaching markets around May 15. Prices have already declined by
around Rs 30-40 a kg in spot market in last 8-10 days. Mentha traders expect mentha oil production to surge in 2019 to reach
48,500-50,000 tonnes from 33,000-35,000 tonnes last year.
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