Cotton futures (June) is likely to trade with a downside bias & test 21850-21810 levels.
The domestic cotton prices are taking negative cues from the international
market, where the sentiments are getting hammered by the ongoing trade war.
Cotton futures were 41 to 59 points lower in the front months on Wednesday. The
US dollar index was higher again on Wednesday. The Crop Progress report
indicated that Texas planting progress was 48% planted (4% above normal). The
weekly Export Sales report is pushed back until Friday due to Monday’s holiday. Jul
19 Cotton closed at 69.060, down 41 points, Oct 19 Cotton closed at 68.580, down
59 points Dec 19 Cotton closed at 67.980, down 49 points. Back at home, although
cotton prices have softened, there is no buying interest in the domestic market.
Guar seed futures (June) might plunge further to test 4230-4200 levels, while guar
gum futures (June) may crash towards 8350-8300 levels on account of further
advancement of monsoon. The southwest monsoon is likely to further advance into
some more regions in south Bay of Bengal, Andaman Islands and the north
Andaman Sea during the next 72 hours as conditions are likely to become
favourable after a week-long lull in its progression in the southeast Bay of Bengal.
Mentha oil futures (June) is expected to take support near 1265-1260 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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