CAPITALSTARS TUESDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 09 APRIL 2019

Cotton futures (Apr) trading near its two months high is expected to see lengthier gains as it might touch22600 levels.

     

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The main reasons behind this tall rally are sharp decline in market arrivals & the estimate that meagre 55-60 lakh bales are left with farmers across the country & there could be a shortage of some 32-33 lakh bales this season. On the international market, Cotton futures were 30 to 67 points higher in most contracts on Monday, helped by a weaker US dollar. Crude oil futures are the highest since November 1, supporting cotton via synthetics. NASS reported that US cotton was 6% planted as of Sunday in their Crop Progress report. That is 1% above the average but 1% behind the same week last year. Chana futures (May) is looking bullish & in may take support near 4440 levels on the back of shortages in supply. Anticipating that India's domestic stockpile of pulses could deplete to critical levels by the end of this year, the dal mills are picturing to build around two months of inventories from fresh pulses harvest coming in market. Presently, the arrivals of pulses are lesser as compared to a year ago on the in spot markets of Madhya Pradesh, Maharashtra and Rajasthan. Guar seed & Guar gum futures (May) together may take support near 4440 & 9040 levels respectively. The factor behind the bullishness in these commodities is the possibility of below normal rainfall. Skymet predicted that rainfall in the June-to-September monsoon season in India will be 93% of the Long Period Average (LPA), with an error margin of plus or minus 5%.The Pacific Ocean has become strongly warmer than average. The model projections call for 80% chance of El Nino during March-May, dropping to 60% for June to August, during the peak planting season of guar. 

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