Today Kapas Outlook (19marc): Kedia Commodities
Published on Friday, March 19th, 2010 at 5:20 PMAuthor: onlinecommoditycalls (1958 Articles)
Kapas futures traded on a slightly positive note during yesterday’s session short covering. The most Active April NCDEX Kapas futures traded in a range of 625 to 633.4 levels and ended the session at 626.6 levels with a negative change of -1.04 per cent
Outlook:
Kapas futures are expected to trade on a positive note during the day on account of good demand from millers and exporters
According to Cotton association of India, cotton exports may exceed forecast as the overseas sales this season may total 6.8 million bales compared to 6.5 million bales estimated previously
Also the cotton association of India has upped its production estimates to 30.1 million bales from previous estimates
The arrivals at major markets in Gujarat are hovering around 40,000 bales compared to 50,000 bales during last week
Though the domestic demand is weak at present, the prices may not decline sharply as the purchases for export orders booked in January and February may sustain prices at current levels
Prices of most of the varieties are seen slightly down as the textile mills have slowed down their buying, as they have bought enough to meet their March spinning schedule, according to market sources
Courtesy: Kedia Commodities
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