CAPITALSTARS TUESDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 07 May 2019

Cotton futures (May) is seen to go down further & test 21700-21600 levels.

  CAPITALSTARS INVESTMENT ADVISOR

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 mills to 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 were down 139 to 213 points in most contracts on Monday, after President Trump announced a hike from 10% to 25% for tariffs on $200 billion of Chinese goods effective this Friday. Reports show that Chinese trade reps are still planning to come to DC this week after initial concerns that they would cancel. The Monday afternoon Crop Progress report indicated that 18% of the US cotton crop was planted by May 5, a move of 7% from the week prior. That is even with a year ago but lagging the average by 1%. 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 openmarket. Guar seed futures (May) will probably see upside level of 4470 levels, while guar gum futures (May) is likely to see some recovery towards 8950-9000 levels. Various factors ranging from the onset of the South-West Monsoon likely to be delayed by a week, steady guar seed-guar gum ratio hovering near 1:2 may give cushion to these counters.

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