Sugar futures may witness some short covering. Election process and rally of candidates in producing areas of Maharashtra may limit the arrivals in consuming market for some days.
Government has permitted exports of 10 lakh tonnes under open general licence out of which release orders for export of 8.54 lakh tonnes have been issued so in the current season.
The deadline for seeking permits for export for merchant exporters is February 15.
Chana futures may test the resistance of 3400 levels on reports that the recent rainfall in M.P. may affect the Chana yield as crop is in the final stage.
Kapas futures may trade with a positive bias tracking higher quoting spot prices & due to rising export demand.
In Guajarat, farmers are bringing fresh crop in market consciously as they remain expect higher prices.
Courtesy: SMC Global
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