Cotton futures (Apr) would probably trade further down to test 21880 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 posted sharp triple digit losses in the front months on Monday. USDA showed that 7% of the US cotton crop has been
planted as of 4/14, according to the weekly Crop Progress report. That is even with the average but behind the 8% from last year.
Chana futures (May) is expected to remain stable in the range of 4500-4570 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 4400 & 9000-8950 levels respectively. The India Met Department (IMD) on Monday
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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