Kapas futures may remain below 920 levels. Strengthening of rupee and lack of demand from China is keeping the exporter away from buying.
Cotton arrivals from the new crop fell 14.1 percent to 16.62 million bales of 170 kg each, the Cotton Corporation of India said on Tuesday.
Guar complex may trade range bound owing to mixed sentiments prevailing among investors. Wherein exporters are buying to meet their commitments amid lower arrivals in spot markets, on the other hand, stockiest at spot markets expect prices to fall as the demand may not be sustained at higher levels. Chana futures may trade sideways holding support above 3100 levels.
The sentiments are weak as arrivals started hitting the market in small quantities. Sugar futures may upside holding above 2880 levels.
Hailing government's decision to form an expert committee to examine decontrol of sugar sector, the apex industry body ISMA said it expects the panel to give positive recommendations and the same would be accepted by the Centre.
Courtesy: SMC Global
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