Showing posts with label Agri futures. Show all posts
Showing posts with label Agri futures. Show all posts

Friday, 28 June 2019

CAPITALSTARS FRIDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 28 JUNE 2019

MCX Jul Cotton Closed Lower On Thursday Due To Profit Booking

  CAPITALSTARS INVESTMENT ADVISOR

ICE cotton closed lower on dismal export data. USDA Export Sales report showed just 72,044 RB of 18/19 upland cotton sold in the week of June 20. While the US exports were tallied at 322,603 RB, down 12.28% from the same time last year.

The Cotton Advisory Board, estimated (provisional) cotton production this season (Oct 2018 to Sep 2019) to be 337 lakh bales of 170 kg each. Import of cotton in the 2018-2019 cotton season is expected to be 22 lakh bales, almost seven lakh bales higher compared with the previous season. In the current season, we see higher imports of about 31 lakh bales due to higher domestic prices. As per DGCIS, exports of cotton from India is down by 27% in first 3-months of 2019 compared to last year while imports up by 12%.

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Thursday, 27 June 2019

CAPITALSTARS THURSDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 27 JUNE 2019

ICE cotton futures moved up more than 1% on optimism over ease of trade dispute between US and China.

  CAPITALSTARS INVESTMENT ADVISOR

Market participants covered their short positions in view of scheduled meeting between US president Trump and Chinese President Xi in G20 summit under which they might resolve the trade dispute between them. Most active Dec delivery cotton futures moved up by 1.08% and closed the day at 66.43 cent/lb. At domestic front, MCX cotton futures for July bounced back on Wednesday following firmness in ICE cotton futures. Moreover, adverse weather condition for planting progress in central region also helped prices to trade on positive bias. Calander Spread between July and June futures reached up to -600 on Wednesday. Most active July delivery cotton futures traded at MCX settled the day at Rs 21720 per bales higher by 1.59%

However, cotton planting has been higher in Gujarat by 29% y/y as about 7.67 lakh hectare of area was sown under cotton till 24th June in Gujarat compare to 2.41 lakh hectare of prior year. Farmers in northern region of India has shown good interest to cultivate cotton over the other commercial crop due to better realization thereby overall acreages of cotton in northern states like Punjab, Rajasthan and Haryana has increased during year 2019-20 

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Wednesday, 26 June 2019

CAPITALSTARS WEDNESDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 26 JUNE 2019

ICE cotton futures traded in a limited range on Tuesday as market remained cautious

  CAPITALSTARS INVESTMENT ADVISOR

Cotton prices are likely to trade sideways to down today mainly due to improved supply outlook supported by rise in imports. India has imported about 9.28 lakh bales of cotton till end of May during year 2018-19 out of the estimated imports about 31 lakh bales and rest of the imports is likely to arrive in upcoming weeks. Moreover, picking of sowing activities along with the well progress of monsoon rainfall could be other factor which may keep prices under pressure in near term.

Moreover, recovery in US dollar index also capped the major upward move in cotton on Wednesday. US dollar index closed at 96.14 Dec delivery up by 0.17%. ICE cotton futures for Dec delivery settled the day at 65.72 cent/lb, marginally down by 0.02% from the previous close. At monsoon front, Southwest Monsoon has further advanced into remaining parts of central Arabian Sea, Konkan & Madhya Maharashtra, some parts of north Arabian Sea and south Gujarat and some more parts of Madhya Pradesh.

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Tuesday, 25 June 2019

CAPITALSTARS TUESDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 25 JUNE 2019

MCX Jun cotton edged lower on Monday on reports of good start to cotton planning in Gujarat.

  CAPITALSTARS INVESTMENT ADVISOR

Gujarat area under cotton is higher by 15% as in 17th June 2019 at 1.61 lakh hac. However, as per farm ministry report, acreage under cotton in the country was 18.18 lakh ha so far, lower than 20.68 lakh ha from a year ago. Recently, CAI has projected cotton exports at 46 lakh bales (Vs 69) due to higher prices and smaller crop size.

ICE cotton closed edged higher on Monday, supported by a weak U.S. dollar and anticipation of positive trade outcome in G20 meeting. The presidents of the United States and China are set to meet next week in Japan and markets are hopeful the world's two biggest economies could see an end to their long-standing titfor-tat tariff dispute. NASS indicated that cotton planting is wrapping up, with 96% completed vs. the 98% average pace. Outlook

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Sunday, 23 June 2019

CAPITALSTARS MONDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 24 JUNE 2019

MCX Jun cotton gain 2.6% last week to slow start to sowing progress

  CAPITALSTARS INVESTMENT ADVISOR

ICE cotton futures extended its losses on Friday as speculators trimmed long positions at July contract led July futures to drop by more than 2.5% on Friday wherein Benchmark Dec contract settled the day at 65.6 cent/lb down by 0.61% from the previous close. Moreover, reports of negative export sales during the week ending 13th June also impacted market sentiments negatively.

At domestic front, MCX cotton futures for June delivery traded mixed to higher on Friday as prices moved up further on account of short covering. However, July delivery futures slumped sharply on forecast of advancement of monsoon rainfall in major cotton growing region. Calander Spread between July and June futures reached up to -480 on Friday. Most active June delivery cotton futures traded at MCX settled the day at Rs 22100 per bales almost unchanged from the previous close wherein July futures closed at Rs.21620 per bales down by 0.32%.

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Thursday, 20 June 2019

CAPITALSTARS FRIDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 21 JUNE 2019

ICE cotton futures traded on weaker note as prices slumped on account of profit booking at higher levels.

  CAPITALSTARS INVESTMENT ADVISOR

Speculators trimmed long positions at July contract and impact of the same was seen as July futures dropped by more than 3% on Thursday wherein Benchmark Dec contract settled the day at 66% down by 1.74% from the previous close. Moreover, reports of negative export sales during the week ending 13th June also impacted market sentiments negatively.

US cotton production during year 2019-20 was estimated at 22 million bales of 480 lb each against the consumption of 3.10 million bales wherein exports and ending stocks were projected at 17 million bales and 6.40 million bales respectively. Cotton production is US during year 2019-20 is estimated to be higher by 20% y/y wherein export is likely to increase by 15% y/y. Most active Dec delivery cotton futures traded at ICE closed the session at 66.52 cent/lb up by 0.93% from the previous close.

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Wednesday, 19 June 2019

CAPITALSTARS THURSDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 20 June 2019

ICE cotton futures closed higher for third consecutive day following weakness in US dollar Index.

  CAPITALSTARS INVESTMENT ADVISOR

Earlier this month USDA has released its monthly supply and demand estimation report for the month of June. USDA kept supply and demand estimates almost unchanged compare to prior month with the exception of a 1-cent decline in the season-average upland farm price, to 64 cents per pound.

Cotton prices are expected to trade on positive note today could move up further on lingering concerns over delayed planting in central region. Deficit monsoon rainfall in major cotton growing states of India is likely to keep sentiments up for cotton prices in near term. Monsoon rainfall for Gujarat was reported at -21% of LPA wherein it was reported at Maharashtra and Telangana at -71% of LPA and -63% of LPA respectively. Apart from that prices could track firmness in ICE cotton prices and likely to remain higher in near term. Furthermore, release of weekly export sales data by USDA could be the crucial factor to drive the prices today as major focus will be on amount of cotton imported by China. Expectation of ease of trade tension between US and China is upcoming G-20 meeting prompting speculators to cover short positions at futures platform.

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