Dull in cotton, hinder guarseed

Prices of cotton futures (February) are likely to be traded in a limited range within the range of Rs 20,570-20,780. In the 2018-19 season in India, the production estimate of cotton has again been reduced by 5 lakh bell to 330 million bales. Considering the water crisis in the production areas of Indian cotton corporation, there is a decrease for the third time in the production estimate. 

Prices of guar seed futures (February) are likely to be hindered at the level of Rs 4,240, while prices of garage futures (February) are likely to hamper at Rs 8,445 level. Due to the absence of fundamentals and lack of clear trend of prices, the buyers are away from new purchases. According to the Indian Meteorological Department, the probability of the formation of Alnino is 60%, given that business alert is maintained. Apart from that, open interest in both derivatives is decreasing, which suggests that trends can change.

Prices of Chana Futures (March) are likely to increase with support at the level of Rs 4,240. Chana prices have increased in major markets due to low shopping prices in spot markets. Gramflour and pulses flourished in the markets due to low prices. Meanwhile, the rains in Rajasthan, Uttar Pradesh, Haryana, and Madhya Pradesh have been very beneficial for the gram crop.

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