Sugar futures may trade in positive zone. Morale is steady as the Government has decided to allow export of an additional one million tonne of sugar.
Guar complex may see some downside owing to profit booking from higher levels & high prices are forcing buyers to halt purchases in the physical markets.
The delay in the launch of the far month contract would impact market's sentiment and thereby bring prices down. Kapas futures may trade range bound owing to profit booking from higher levels.
Further demand of Cotton in export and exchange rate will determine the future price trend, the Cotton Corporation of India said in its weekly report.
Chana futures may remain sideways facing resistance near 3360 levels. In recent news, the government may discontinue supply of pulses at subsidised rates through the public distribution system from the next financial year.
The consumer affairs department will recommend scrapping this scheme as states are not keen to lift supply.
Courtesy: SMC Global
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