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 4270-4300
levels, while guar gum futures (Mar) is expected to remain below 8450-8500 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 4165 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 taking support near 1565 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.
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