Cotton futures (Feb) is expected to fall further towards 20400 levels.
CAPITALSTARS INVESTMENT ADVISER
The
sentiments are bearish on account of weak demand from both yarn mills and
overseas markets. Presently, the export demand is sluggish as the prices being
offered at around 74-75 cents per pound are higher as compared to the global
market. Day’s ahead, the talks on US-China trade situations will give direction to
the cotton prices in the international market. Guar seed futures (Feb) may trade in
a consolidated range of 4240-4300 levels, while guar gum futures (Feb) is
expected to move sideways in the range of 8475-8610 levels. Due to lack of
fundamentals & lack of clarity in direction of prices, the buyers are staying away
from fresh buying. Anticipation of 60% probability of El Niño conditions to form and
continue through the Northern Hemisphere spring 2019 has induced cautiousness
among the market participants. However, one must keep a close look as both the
counters are witnessing consolidation & open interest is declining, giving an
indication of a possible trend reversal. The trend of chana futures (Mar) is bearish &
hence the short covering may face resistance near 4280-4300 levels. Overall, the
sentiments are weak due to higher arrivals of new crop and the rise in selling
pressure by the NAFED, especially in the states of Madhya Pradesh and Rajasthan.
Mentha oil (Feb) is likely to show an upside momentum & the upside may get
extended towards 1620 levels. The sentiments are turning positive on account of
delayed sowing due to untimely rains which may bring a considerable dip in the
crop yield.
HAPPY TRADING!!!!!!!!!!!!!!!!!!
Click here to visit my website : https://bit.ly/1h8KZUM
Free Trial link : https://bit.ly/2u2GUhK
Any queries CALL US : 9977499927
CLICK HERE FOR GET DETAILS & JOIN OUR BEST ADVISORY -
Visit our website : http://www.capitalstars.com/free-trial
CAPITALSTARS CALL US : 9977499927
No comments:
Post a Comment