Despite of the correction in cotton futures due to trade war tension in the international market
The June contract might take support near 21800 levels & seen an upside
level of 22110. Cotton Association of India (CAI) released its latest cotton crop
estimate for the month of May retaining the crop size at 315 lakh bales (each of 170
kg), lowest in over a decade and significantly down from the previous year's output
estimate of 365 lakh bales. Chana futures (June) is expected to trade with a
negative bias & move downwards to 4570-4550 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 4210-4200 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 fell on
Tuesday amid a global economic slowdown that is starting to hit oil demand,
triggering calls in producer club OPEC for supply cuts to be extended. Front-month
Brent crude futures, the international benchmark for oil prices, were at $60.88 at
0038 GMT.
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