Cotton futures (Apr) would probably trade in the range of 22100-22400 levels.
India is fast losing its cotton export market to Brazil due to a sharp increase in the
fibre prices over the last six weeks which makes Indian shipments uncompetitive in
world markets. India’s shipment of nearly 400,000 – 500,000 bales of cotton is
under serious threat of delivery default as Indian exporters face higher
procurement prices than contracted for cotton exports. On the international market, Cotton futures settled 17 to 40 points higher. Cotton exports in February
were tallied at 1.484 million bales according to newly released Census data. That
was 21.55% larger than January, which is a typical seasonal rise, but 25.09% lower
than Feb 2018. Chana futures (May) is expected to remain stable in the range of
4470-4560 levels, hence lower level buying would is recommended as it may take
support near 4475 levels. Restricted import from Australia due to high import duty
is keeping the trend bullish. With increasing demand from packaged Indian snacks
makers chana consumption is on a rise in India. On the supply side, crop arrivals
across Delhi, Gujarat, Karnataka, Rajasthan, Madhya Pradesh and Maharashtra are
less compared to the previous year and there are lower stocks with the trade which
are supporting prices. Guar seed & Guar gum futures (May) are likely to trade with
a downside bias to test 4290 & 8650 levels respectively. The India Met Department
(IMD) predicted another year of well-distributed monsoon rainfall during the
crucial June-September period this year, discounting the threat of any major
disruption by the El Nino factor.
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