Prices of cotton futures (November) prices can be increased to Rs 22,650 along with Sahara at a price of Rs 22,200.
With lower production estimates and trends in the US market, better purchases from the exporters and higher demand from foreign buyers may help prices. Cotton futures prices can rise in ICE and prices may reach level of 81 cents. Due to the weakening of the dollar, the US and China are expected to get the help of the G-20 meeting to end business issues due to late November. Meetings in the domestic market are also increasingly purchasing cotton, because their stock is ending. Mills have not made any big purchases due to lower availability of cotton and higher prices in the last 30-45 days. But now they are purchasing demolition shopping.
The prices of Guarseed futures (December) are likely to be trading in the scope of Rs. 4,640-4,700. The global financial markets and crude oil prices are slowing down the demand of GuarGam in the world market. With the rise in the supply of American crude oil, oil prices have reached the lowest level of more than six months.
Prices of chana futures (December) are likely to be traded in the range of 4,075-4,110 rupees. The increase in the prices of gram can be stopped due to non-availability of Nafed in the current rate of sale of gram stock and due to low procurement of gram by gram mills.
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