Cotton futures (May) will possibly remain trapped in a sideways range of 22000- 22350.
The reason being is that the cotton in the international market is in a
consolidation zone 75.50-76.85 cents per pound. ICE Cotton futures were 7 to 19
points lower in most nearby contracts on Wednesday. As expected, the Federal
Reserve left interest rates UNCH following their two-day meeting on Wednesday.
US and Chinese trade reps had “productive talks” in Beijing this week according to
Treasury Sec Mnuchin. China is expected to head to DC next week. USDA 5 will be out
with their Export Sales report on Thursday morning. Back at home, it isbeing
estimated that cotton import may rise 80% this year due to drought in major
growing states. Chana futures (May) is expected to crash further towards 4270
levels on estimates of higher pulses output in the upcoming Kharif season. For
pulses in 2019-20, the government has set Kharif output target of 10.1 MT, higher
than 9.01 MT production pegged in 2018-19. According to official reports, Centre
has 964,845 tons pulses seed for sowing in 2019-20 (Jul-Jun) kharif season, higher
than the requirement of 821,242 tons. Guar seed futures (May) is expected to
consolidate in the range of 4260-4360, while guar gum futures (May) may trade
sideways in the range of 8550-8750 levels. The market participants are currently
taking cues from the movement of monsoon. The latest reports suggest that the
onset of the South-West Monsoon is likely to be delayed by a week this year. The
long period average date of monsoon onset over Kerala is June 1.
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