Cotton futures (June) might witness correction toward 21710 levels, tracking bearish sentiments of the international market
ICE Cotton futures were down 23
to 47 points in most contracts on Wednesday. The US dollar index was higher on
Wednesday. The weekly Export Sales report will be released on Thursday morning
per the normal schedule. The Cotlook A index for June 4 was up 125 points from the
previous day to 80.35 cents/lb. Chana futures (June) is expected to trade with a
negative bias & move downwards to 4480-4460 levels. As per 3rd Advance
Estimates, the estimated production of major crops during 2018-19, total Pulses
production during 2018-19 is estimated at 23.22 million tonnes which is higher by
2.96 million tones than the Five years’ average production of 20.26 million tonnes.
Guar seed futures (June) may witness correction towards 4170 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 8400-8350 levels. The reason being is
that crude oil prices are sinking in the international market. Oil prices hovered
around their lowest levels since January as markets remain under pressure from
rising U.S. supply and stalling demand amid an economic slowdown. Amid surging
output, U.S. commercial crude oil inventories surged by 6.8 million in week to May
31, to 483.26 million barrels, their highest levels since July 2017.
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