Agro Commodities Update as on 03 February 2020
Menthaoil Daily Highlights
# Mentha oil trading range for the day is 1198-1226.
# Mentha oil spot at Sambhal closed at 1333.10 per 1kg. Spot prices was up by Rs.13.80/-.
# Mentha oil settled up on short covering, while higer side is capped as worries over the China's coronavirus can impact on Menthol demand
# Support seen as the WHO has declared the outbreak a public health emergency, but said global trade and travel restrictions are not needed.
# Chinese buyer has ordered the Indian exporter to stop the supply of ther order.
Cotton Daily Highlights
# Cotton trading range for the day is 19140-19620.
# Cotton settled down heading for their third consecutive week of losses as investors fretted over the impact on China's economy from a virus outbreak
# A kind of dullness prevailed on the cotton market last week as most of the participants were not very active in the daily business.
# Due to virus outbreak export demand is still lacking due to which the prices are not as expected to increase as of last year in the same period seen.
# In India, cotton area in 2019-20 is 127.67 lakh hectares compared to 121.05 lakh hectares in previous year (2018-19) because of favorable monsoon
Chana Daily Highlights
# Chana trading range for the day is 3960-4048.
# Chana dropped on high arrival but weather irregularities in some areas where rain and heat have impacted yield significantly.
# Agriculture Ministry data showed that area under Chana or Gram jumped 5.71% to 98.52 lh.
# The new chana crop has started arriving in Kalaburagi, a key market in Karnataka.
# In Delhi spot market, chana remains unchanged at by 0 Rupees to end at 4090.9 Rupees per 100 kgs.
Guarseed Daily Highlights
# Guarseed10 trading range for the day is 3930-4010.
# Guarseed settled down prices holding below the key physolocial level of 4000.00 as sliding crude oil tends to hurt the demand
# Oil prices felland were on track for a fourth straight weekly loss on mounting worries about economic damage from the coronavirus that has spread from China
# US will become a net oil and oil product exporter this year thanks to continued growth in production combined with slacker domestic demand
# Sentiments turned positive recently after Rajasthan government has taken up the issue of export of guar gum with the Centre for the benefit of farmers