Cotton futures (June) is likely to trade with a downside bias in the range of 22000- 22250 levels
The domestic cotton prices are taking negative cues from the
international market, where the sentiments are getting hammered by the ongoing
trade war. The CFTC Commitments report released on Friday indicated the large
specs in cotton futures and options increasing their net short position by 12,258
contracts. That put them net short a record reported 37,086 contracts in the week
ending May 21. USDA data shows cotton export shipments at 70% of USDA’s
projected total, with the average pace at 78%. Including the unshipped sales, total
commitments are 107% of that projection, with the average pace at 101%. 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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