Cotton futures (June) is likely to remain trapped in the range of 21400-21700 levels.
The domestic cotton prices are taking negative cues from the international
market, where the sentiments are getting hammered by the ongoing trade war.
Going ahead, the market participants would definitely judge the planting numbers
as the West Texas is sowing cotton in the ground and it may be the best crop
they've had in the last 10 years as far as the moisture profile looks good. Moreover,
if the trade war doesn’t settle down in weeks to come, then it would hamper the U.S
cotton exports & overall these factors could limit price in the near term. Back at
home, although cotton prices have softened, there is no buying interest in the
domestic market. Guar seed futures (June) might trade stable in the range of 4385-
4450. The market participants are estimating that in the upcoming season acreage
of guar may drop by 15-20% as farmers may shift to cotton and pulses as they are
getting much better prices for these two crops. On the contrary, guar gum futures
(June) may consolidate in the range of 8800-8920 levels with upside getting
capped. Falling crude oil prices in the international market due to surge in
inventories & North America’s oil rig companies using cheaper fracturing material
such as slick water instead of guar gum may dent its export demand from India.
Mentha oil futures (June) is expected to trade higher & test 1330, taking support
near 1290 levels. This commodity may witness fresh demand from stockiest
against the arrivals that are likely to gather pace later this month.
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