Cotton futures (Feb) is likely to plunge further towards 20100-20000 levels.
Cottonprices moved lower in Punjab, Haryana and upper Rajasthan, tracking weakness in
US natural fiber. Sharp decline in domestic futures along with higher output
estimate in China also weighed on spot prices. Worries about a looming March 1
deadline for a US-China trade agreement also dragged prices lower. Meanwhile,
negotiators from the United States and China, the world's top soybean buyer, are
trying to hammer out a trade deal before a March 1 deadline, when US tariffs on
USD 200 billion worth of Chinese imports are scheduled to increase to 25 percent
from 10 percent. Guar seed futures (Mar) may face resistance near 4300 levels,
while guar gum futures (Mar) is expected to remain below 8520 levels. The weekon-week declining ratio of guar seed to guar gum is depicting the fact that demand
for these commodities are decreasing. Chana futures (Mar) is expected to test
4335 levels on the higher side. The counter is trading higher at major markets in
the country following firm cues from fresh physical trade activity at lower rates.
Flour millers are actively purchasing chana due to cheaper prices and easy
availability compared to White Pea. Moreover, the Cold waves and untimely rains
may further damage the standing crop. Mentha oil (Feb) is likely to witness profit
booking from higher levels facing resistance near 1650. However, overall
sentiments are bullish as delayed sowing in the state is likely to affect the crop
yield. As per reports, farmers are now worried as untimely rains and inclement
weather conditions have delayed the sowing in key producing belts. The
production is likely to be badly affected if weather conditions don't improve in the
next few days.
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