CAPITALSTARS TUESDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 23 APRIL 2019

 Cotton futures (Apr) is expected to hover range bound within 22050-22250 levels.

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Restricted arrivals are slowing down the pace of overseas demand due to which cotton exports from the country are pegged at 47 lakh bales (one bale weighs 170kg) in 2018-19, which is the lowest since 2009-10. The domestic demand is also sluggish & the surging rates of cotton, in combination with a shortage, have forced Tamil Nadu-based spinning mills to look at imports to meet their production requirements. Chana futures (May) may trade with a negative bias & selling from higher levels may bring the counter down to 4350. The expectation of country importing more pulses & lack of demand in the spot markets due to absence of bulk buying will exert pressure on pulses in days to come. Recently, the Commerce Ministry has laid down a procedure for import of 2 lakh tonnes of pigeon peas/ toor dal, 1.5 lakh tonnes urad dal, 1.5 lakh tonnes moong dal and 1.5 lakh tonnes peas (including yellow peas, green peas, dun peas, and kaspa peas) for the current fiscal and has invited applications from millers. We may see more downside in guar seed & guar gum futures (May) as it may test 4290-4250 & 8600-8550 respectively. The reason for this bearishness is the forecast of good monsoon & guar being a rain-fed crop, this is a major negative factors for the prices. The Australian Bureau ofMeteorology (BoM) has updated that El Nino would be short-lived and weak. This forecast is supporting the India Met Department (IMD) outlook that monsoon would be close to normal. The BoM has also mentioned that the Indian Ocean Dipole (IOD) could possibly turn into a positive phase during June to November, giving way to a healthy Indian monsoon. 

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