Despite of the correction in cotton futures due to trade war tension in the international market,
In the coming week, the same is likely to persist & the June contract might
take support near 21550 levels. The ginners are not selling cotton to avoid losses
caused by reduction in weight of cotton due to moisture loss during hot summers.
Cocud futures has made a new life time high last month on the national bourse due
to a severe shortage in supply and rise in demand from the dairy sector. Going
ahead, the bullish factors may keep the June contract steady in the range of 2735-
2800 levels. At present, the demand is very much high for cottonseed oil cake as
compared to the other competing animal feeds. Guar seed futures (June) may
witness correction towards 4240-4210 levels on account of the fact that El Nino is
devolving & India Meteorological Department is likely to stick to its forecast of
normal monsoon rains this year. IMD is scheduled to update its forecast of
monsoon rains in the end of July 2019. Similarly, guar gum futures (June) is seen to
be plunging further & test 8450-8400 levels. The reason being is that crude oil
prices are sinking in the international market. Oil prices fell more than 1% on
Monday to extend losses of over 3% from Friday, when crude markets racked up
their biggest monthly losses in six months amid stalling demand as trade wars
fanned fears of a slowdown in the global economy. Front-month Brent crude
futures, the international benchmark for oil prices, were at $60.97 at 0044 GMT.
The drops followed price slumps of more than 3% on Friday, which made May the
worst-performing month for crude futures since last November.
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