MUMBAI (Commodity Online): For the mid-week ending Thursday, Kapas futures may trade range-bound as growers along with investors are cautious ahead of harvesting season knocking the doors. The cotton crop is reportedly in the late ball development stage in south-west Punjab, west Haryana and north Rajasthan and is likely to burst in another fortnight for getting picked.
On the contrary, in the international market, the government estimates that American cotton stockpiles at the end of July were the lowest in 15 years, says SMC.
Rally in chana futures may see a pause attributable to sluggish demand & profit booking at higher levels. India's pulses imports declined by 26% to 2.6 million tonnes in the year 2010-11 as the country witnessed record production this time.
Meanwhile, sugar futures taking support near 2700 levels may trade sideways owing to ample supply & availability at the spot markets. The Central Government has decided to make available 19.31 lakh tonnes of sugar (levy sugar 2.31 lakh tons and non-levy sugar 17.00 lakh tons) for the month of September, 2011 & this may imply pressure on the prices.
Guar complex may see some upside move on account of additional buying, keeping in mind the bullish sentiments. Moreover, special cash margin of 5% imposed on the long side on all running contracts of Guar gum has been withdrawn with effect from August 29, 2011.
