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 face resistance near 4300 levels, while guar gum futures (Mar) is
expected to remain below 8500-8550 levels. The week-on-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 take support near 4210 levels. Thecounter is trading higher at major markets in the country following firm cues from
fresh physical trade activity at lower rates. Flour millers are actively purchasingchana 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 1570 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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