Cotton futures (May) may crash further to test 20400-20200 levels taking negative cues from the international markets
Cotton futures settled Monday with the front
months down the limit. Tuesday will show expanded limits of 4 cents. Trade
tensions are rising, as China is planning on raising tariffs on $60 billion of US goods
to counter the US hike from last week. U.S. President Donald Trump said on
Monday he would meet Chinese President Xi Jinping next month as the trade war
between the world’s two largest economies intensified, sending shivers through
global markets. The U.S. Trade Representative’s office said later it planned to hold
a public hearing next month on the possibility of imposing duties of up to 25% on a
further $300 billion worth of imports from China. Meanwhile, US planting progress
was reported at 26% in the Monday afternoon Crop Progress report, vs. the 32%
average and 34% last year. After a long time gap, buoyancy has come back to
chana futures, thanks to the strong buying by the government agencies and tight
supply. Day’s ahead, the June contract is expected to rally further towards 4580-
4600, taking support near 4490 levels. Guar seed futures (June) is expected to
trade with a positive bias & rise to test 4570, while guar gum futures (June) may
trade higher towards 9150-9200 levels. It is being estimated that rainfall figures as
on date show that pre-monsoon showers (March to June) this year could end up
the lowest of the last five years, with ramifications for reservoir levels in many parts
of the country. It remains to be seen to what extent this will improve over the next
fortnight, before the monsoon season officially begins.
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