Cotton futures (Feb) is expected to bounce back amid short covering and lower level buying taking support near 19990.
On the spot markets, cotton prices are
expected to remain firm this year due to lower production in the country, apart from
rising consumption. In the international markets, the traders are keeping an eye on
what's going on over in Beijing for some positive news. High-level officials from the
US and China are in talks as a critical trade war deadline is getting closer since
March 1 marks the deadline for the current 90-day pause in the trade war. Chana
futures (Mar) is expected to intensify its rally & test 4350 levels. Dal mills have
kicked off stocking to build inventory after a jump in arrival of pulses from fresh
harvest that is likely to double up in coming weeks. Dal mills purchase raw pulses
from market and then process it into dal of various grades. On processing 60%
comes out as dal, while 25% goes as cattle feed. The rest is wasted. Another
reason for the upside momentum is being attributed to the market talks that Nafed
will not sell chana in open markets and will go to build buffer stock around 10 lakh
tonnes. The trend of mentha oil (Feb) is bullish & may take support near 1590
levels. Weather disturbances in the major growing areas are giving signals of
delayed sowing in the key growing areas of Uttar Pradesh. Moreover, demand from
both domestic and export fronts are emerging at existing price levels. Export
demand has started to pick up from China.
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