Cotton futures (Apr) will possibly witness a correction towards 22000 levels.
The Cotton Association of India
(CAI) has estimated exports for the season 2018-19 at 47 lakh bales which are lower by 22 lakh bales compared to the export of
69 lakh bales estimated during last year. Moreover, international cotton prices ended down after USDA reports mentioned that the
2018/19 U.S. cotton supply and demand forecasts show lower consumption and higher ending stocks relative to last month. At 3.1
million bales, U.S. cotton consumption is now forecast to reach its lowest level since the 1890s. Ending stocks are now forecast at
4.4 million bales, a 100,000-bale increase from both the previous 2018/19 estimate and from the current estimate for 2017/18. The
season-average farm price is unchanged with a midpoint of 70 cents per pound. Chana futures (May) is expected to trade
sideways in the range of 4225-4265 levels. Amid subdued and slack demand, chana ruled stable with chana (kanta) quoted at
Rs.4,200-4,250 a quintal, chana (desi) at Rs.4,150, while chana (vishal) ruled at Rs.4,300. Chana dal (average) quoted at
Rs.5,200-5,300, chana dal (medium) at Rs.5,400-5,500, while chana dal (bold) ruled at Rs.5,600-5,700. Mentha oil futures (April)
may go down further to test 1440-1425 levels. New mentha crop will start reaching markets around May 15. Prices have already
declined by around Rs 30-40 a kg in spot market in last 8-10 days. Mentha traders expect mentha oil production to surge in 2019 to
reach 48,500-50,000 tonnes from 33,000-35,000 tonnes last year.
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