Sugar futures may trade sideways with a bearish bias. Sugar prices on the Vashi wholesale market declined by Rs 5–10 a quintal on less than expected physical demand.
The Indian Sugar Manufacturers' Association has said that the Indian sugar industry has so far produced 1.04 crore tonne of sugar till January 15 in the current season, which is around 17 lakh tonne more than the production in the same period in 2010.
Kapas futures may hold gains. India's Cotton output in the current marketing year that started Oct. 1 is likely to fall below the previous estimate of 35.6 million bales as erratic rains have hit crop yields in some key regions.
Guar complex may trade higher supported by regular good overseas demand for guar gum powder from the US for oil drilling.
Courtesy: SMC Global
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