CAPITALSTARS TUESDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 02 APRIL 2019

Cotton futures (Apr) is likely to face resistance near 21870 levels. 

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This drift is happening due to two major influencing factors of declining prices of cotton in the international market & increasing supply pressure in the domestic markets. The Cotton Corporation of India (CCI) has reportedly started offloading cotton procured so far in the current marketing season. Steep rise in prices in open market prompted CCI to start sale. The agency has procured around 1.1 million bales (1 bale = 170 kg) of cotton in the ongoing marketing season that started on Oct 1. The gains in chana futures (Apr) is expected to get extended towards 4530 levels. Chana prices traded higher at major markets in the country owing to millers buying. Moreover, prices of Chana got further support after the Commerce Ministry had extended the import restriction on peas on March 30, 2019 for another one year till March 31, 2020. Further Peas/Matar quota is restricted to 1.5 lakh tonne/annually. Earlier it was 1 lakh tonne/quarterly. Guar seed as well as Guar gum futures (Apr) are looking bullish as they can reach 4400 and 8900 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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