Cotton futures (Apr) is seen to go down further & test 22000-21800 levels
India's cotton imports are likely to
rise by 80% this crop year (October 2018 to September 2019), due to short supply of quality material for textile mills. Drought in the
major growing & poor quality of late picked crop is poor due to the paucity of moisture in the field, have restricted the spinning millsto procure this soft commodity. Further, the demand side is also dull since the export is estimated to decline to 4.7 million bales in
2018-19, from 6.9 million last year. On the other hand, U.S cotton futures-the price setter is trading near to its seven-week low
weighed down by the news that Donald Trump has said he will raise tariffs on $200bn (£152bn) of Chinese goods, because talks
on a US-China trade deal are moving "too slowly". The US president tweeted that tariffs of 10% on certain goods would rise to 25%
on Friday, and $325bn of untaxed goods could face 25% duties "shortly". Chana futures (May) is expected to witness more
correction towards 4250 levels owing to increased selling pressure on the spot markets. Prices of pulses like chana, masur, urad
and moong have been falling with increased arrival of the Rabi crop in mandis and the government offloading stock in the open
market. Guar seed futures (May) will probably see correction towards 4320-4290 levels, while guar gum futures (May) is likely to
plunge towards 8650-8600 levels, due to weakness in oil prices. Oil prices tumbled by more than 2 percent to $60.52 a barrel on
Monday after U.S. President Donald Trump on Sunday said he would sharply hike tariffs on Chinese goods this week, risking
derailing months of trade talks between the world’s two biggest economies.
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