Cotton futures (Apr) is likely to face resistance near 21840 levels
CAPITALSTARS INVESTMENT ADVISOR
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 4550 levels. Chana prices traded higher at major markets in the country owing to millers buying. Moreover, Weak
availability and stoppage of NAFED selling chana have lifted prices by Rs.300 in the past one week with chana (kanta) rising to
Rs.4,350-4,400 a quintal, while chana (vishal) ruled at Rs.4,1200-4,400 and chana (desi) at Rs.4,300. Guar seed as well as Guar
gum futures (Apr) are looking bullish as they can reach 4530 and 9200 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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