Cotton futures (Feb) is likely to witness a bounce back amid lower level buying taking support near 20400.
The statistics of lower output this season may lend cushion to the prices. In its latest estimates, the Cotton Association of
India has further trimmed the crop size by 5 lakh bales to 330 lakh bales of 170 kg each for season 2018-19. This estimated crop
size is the lowest in a decade. Guar seed futures (Mar) may show more sign of weakness & may even break the strong support
near 4150 to test 4100-4050 levels, while guar gum futures (Mar) is expected to plunge further towards 8100 levels. The week-onweek 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 show an upside momentum towards 4350, as soon as it surpasses the resistance near 4295 levels.
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 trade with a positive bias & may even
rally up to test 1610, taking support near 1560 levels. 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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