Cotton futures (June) is likely to trade stable in the range of 21850-22000 levels.
Cotton arrivals in Indian spot markets were estimated down at 15,800 bales (1 bale
= 170 kg) yesterday, as compared with 18,300 bags on Wednesday. In Gujarat, the
Shankar-6 variety was quoted at 45,000-46,500 rupees per candy (1 candy =
355.62 kg). In Maharashtra, the 29-30 mm variety was sold at 46,000-48,500
rupees per candy. On the international markets, ICE Cotton futures closed the
Thursday session with most contracts 28 to 55 points higher. The report showed an
on-year lag in sowing as on May 19, it is seen higher on a weekly basis. Guar seed
futures (June) might consolidate in the range of 4250-4300 levels, while guar gum
futures (June) may trade sideways in the range of 8650-8750 levels & the upside
may remain caped on account of further advancement of monsoon. The southwest
monsoon advanced over more parts of southwest and southeast Bay of Bengal,
and remaining parts of Andaman Sea, and Andaman Islands during the last 24
hours, the India Meteorological Department said. According to IMD, monsoon rains
are likely to hit Kerala coast on Jun 6 against the normal onset date of Jun 1.
Mentha oil futures (June) is expected to trade higher & test 1320-1335 levels.
Chandausi mentha oil spot was Rs.1450-1490 per kg. This commodity may witness
fresh demand from stockiest against the arrivals that are likely to gather pace later
this mont
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