The fear of escalating trade war will continue to keep the upside capped of cotton futures on the domestic bourse
Sluggish business activities are being observed in
the spot markets as both buyers and sellers are cautious trading. Hence, the May
contract is expected to witness a consolidation in the range of 21150-21400 levels.
On the international market, ICE cotton futures (July) is trapped in a sideways
range of 65-68 cents per pound. Escalations in the trade war come at a time when
expanding production meant American inventories were forecast to reach a decade
high. Guar seed futures (June) is likely to witness selling pressure & plunge
towards 4350-4335, while guar gum futures (June) is expected to witness
correction towards 8745-8700 levels. The sentiments have turned bearish after the
estimates by the Rajasthan State Agriculture department show that guar
production to increase by 45.5% in the coming 2019-20 (Jul-Jun) season from an
output of 1.03 mln tn estimated in the current year due to sharp rise in yields. Yield
in the coming season is seen at 500 kg per ha, compared to 334 kg this year. Wheat
futures (June) will probably maintain its uptrend taking support near 1965 levels.
Demand for spot wheat is seen firm in coming days as prices of the grain sold under
the government's open market sale scheme has been higher than the spot. Maize
futures on the national bourse is making a new life time high every week & going
ahead this bullish trend is expected to stay intact. The June contract would
probably rise towards 1970-2000 in days to come supported by robust purchases
by feed makers while adding that uncertainty over imports of the grain
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