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Published on 17/04/2018 10:52:56 AM | Source: Kedia Commodity Ltd

Cardamom trading range for the day is 968.1-1032.5 - Kedia Commodity

Posted in Commodities Reports| #Kedia Commodity Ltd #Commodity Tips

Gold

Gold on MCX settled up 0.58% at 31298 as markets assessed the possible consequences of a U.S.-led missile strike against Syria over the weekend. The United States accused Russia of blocking international inspectors from reaching the site of a suspected poison gas attack in Syria and said Russians or Syrians may have tampered with evidence on the ground.

Trump has delayed imposing additional sanctions on Russia and is unlikely to approve them unless Moscow carries out a new cyber attack or some other provocation, a senior administration official said. Traders braced for a meeting between U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe starting on Tuesday.

Trump said x he would nominate Richard Clarida as Federal Reserve Vice Chairman, adding another hawkish voice at the central bank. Gold consumption in China in the first three months of this year fell 5.44 percent to 284.97 tonnes from a year earlier, citing data from the China Gold Association. Kazakhstan raised gold holdings by 3.1 tonnes to 310.1 tonnes in March, while Argentina lowered gold holdings by 6.8 tonnes to about 55 tonnes during the same period, International Monetary Fund data showed.

Azerbaijan's top gold producer, Anglo Asian Mining , said it had increased its gold production by 49 percent year-on-year in the first quarter of 2018 to 16,479 ounces from 11,078 ounces in the same period last year.

Technically market is under fresh buying as market has witnessed gain in open interest by 2.06% to settled at 8637 while prices up 180 rupees, now Gold is getting support at 31183 and below same could see a test of 31069 level, And resistance is now likely to be seen at 31383, a move above could see prices testing 31469.           

Trading Ideas:   

* Gold trading range for the day is 31069-31469.

* Gold remained supported as markets assessed the possible consequences of a U.S.-led missile strike against Syria over the weekend.

* Rising geopolitical tensions have pulled focus away from fears over a U.S.-China trade spat, which had gripped global financial markets in recent weeks.

* Speculators raised their net long positions in COMEX gold contracts by 363 contracts to 138,212 contracts, U.S. CFTC data showed. 

Silver

Silver on MCX settled up 0.45% at 39102 amid heightened geopolitical risk as markets assessed the fallout from U.S.-led missile strikes on Syria. Safe haven demand was held in check by relief that the missile strikes on Syria did not prompt a response from Russia, Syria’s main ally.

Trump has delayed imposing additional sanctions on Russia and is unlikely to approve them unless Moscow carries out a new cyber attack or some other provocation US data showed retail sales rose 0.6% in March, compared to a 0.1% dip in February, and beating expectations of a 0.4% rise, while core sales rose 0.2% in line with expectations. 

  The Empire State Manufacturing Index slowed down to 15.8 in April from 22.5 in March, missing expectations of 14.9, while business inventories rose 0.6% as expected in February, as the NAHB Housing Market Index inched down to 69 from 70 in March, missing forecasts of 71. 

Raphael Bostic said in his speech that wages haven't improved until now, while asserting the Federal Reserve is trying to carry the local economy to full employment.  US President Donald Trump accused both Russia and China of engaging in a ploy to drive the value of their currencies lower as the US hikes interest rates, calling it "unacceptable".

Hedge funds and money managers trimmed a net short position in silver futures and options, the data showed. Technically market is under short covering as market has witnessed drop in open interest by -1.48% to settled at 16244 while prices up 175 rupees, now Silver is getting support at 38874 and below same could see a test of 38647 level, And resistance is now likely to be seen at 39309, a move above could see prices testing 39517.      

Trading Ideas:   

* Silver trading range for the day is 38647-39517.

* Silver prices gained amid heightened geopolitical risk as markets assessed the fallout from U.S.-led missile strikes on Syria.

* Safe haven demand was held in check by relief that the missile strikes on Syria did not prompt a response from Russia, Syria’s main ally.

* Trump has delayed imposing additional sanctions on Russia and is unlikely to approve them unless Moscow carries out a new cyber attack or some other provocation

Crudeoil

Crudeoil on MCX settled down -1.14% at 4351  after U.S. drilling activity rose and fears waned about escalating tensions in the Middle East following air strikes on Syria over the weekend. Crude oil prices started the week on the back foot as traders appeared to rein in bullish bets on U.S.-led military intervention in Syria, sparking wider conflict in the region, potentially disrupting oil stockpiles.

Easing geopolitical tensions come as investors don’t expect any further occurrences of U.S. military action in Syria, expressing relief somewhat that the U.S. and Russia avoided any direct conflict in Syria following U.S.-led airstrikes on Saturday.

Traders said oil markets were receiving general support due to a sense that there were high risks of supply disruptions, including a potentially spreading conflict in the Middle East, renewed U.S. sanctions against Iran and falling output as a result of political and economic crisis in Venezuela. Data from energy services firm Baker Hughes showed the number of oil rigs operating in the US rose by 7 to 815, the highest level in more the than three-years.

Losses in crude prices, however, were limited somewhat amid investor hopes that the OPEC-led deal to slash excess demand would be extended into 2019 at a meeting between oil-producing nations in June. “There is growing confidence that the declaration of cooperation will be extended beyond 2018,” OPEC Secretary-General Mohammad Barkindo said last week.

Technically market is under long liquidation as market has witnessed drop in open interest by -21.57% to settled at 14309 while prices down -50 rupees, now Crudeoil is getting support at 4323 and below same could see a test of 4295 level, And resistance is now likely to be seen at 4382, a move above could see prices testing 4413.      

Trading Ideas:   

* Crudeoil trading range for the day is 4295-4413.

* Crude oil dropped after U.S. drilling activity rose and fears waned about escalating tensions in the Middle East following air strikes on Syria over the weekend.

* Kuwait says market conditions to determine any extension of OPEC – led cut deal.

* OPEC Sec-gen Says oil producers, companies must invest to meet future oil demand, compensate for annual decline rate

Naturalgas

Naturalgas on MCX settled up 0.95% at 180.80 gained on short covering as buoyed seen after a forecast for further storage withdrawals beyond the traditional April 1 start of the injection season. An unusual weather pattern for early April is helping to bolster heating demand relative to historical averages.

The latest National Weather Service forecast calls for below-average temperatures encompassing the fringes of the West and nearly the entire eastern two-thirds of the U.S. in the 6-10 day period. While Natgasweather.com is saying for the period April 16-22, “A strong spring storm will track across the Great Lakes and East with rain, snow, and strong thunderstorms through Monday.

Behind the cold front, temperatures will be chilly with lows of teens to 30s for strong late season demand. The South will be warm with highs of 70s to 80s, although a touch cool across portions of the Southeast. The West will see a mix of mild and cool conditions as weather systems track through, but with mild breaks in between.

Another weather system/cool shot will hit the Great Lakes and Northeast late in the week. Overall, demand will be high through Friday-Saturday, then easing to moderate. Meanwhile, market participants looked ahead to this week's storage data due on Thursday, which is expected to show another draw in a range between 16 and 27 billion cubic feet (bcf) for the week ended April 13.

Technically market is under short covering as market has witnessed drop in open interest by -7.11% to settled at 7229 while prices up 1.7 rupees, now Naturalgas is getting support at 179.3 and below same could see a test of 177.9 level, And resistance is now likely to be seen at 182.1, a move above could see prices testing 183.5.      

Trading Ideas:   

* Naturalgas trading range for the day is 177.9-183.5.

* Natural gas prices gained as lingering winter-like weather was seen delaying the official start of the storage injection season.

* U.S. natural gas storage is expected to end the April-October injection season at a below-normal 3.671 tcf, lowest since the end of October in 2014

* Total natural gas in storage currently stands at 1.335 trillion cubic feet (tcf), according to the U.S. Energy Information Administration.

Copper

Copper on MCX settled up 0.95% at 446.95 on short covering as support seen looming economic data from China amid signs Western-led strikes on Syria weren't likely to escalate. Yesterday the dollar fell against most peers with stocks rose as geopolitical tensions faded and investors turned to what’s expected to be a blowout corporate earnings season.

Support also seena after China's imports of copper rose 25.4 percent from month ago to 439,000 tonnes in March, data from the General Administration of Customs showed. Copper imports to China, the world's leading copper and aluminium consumer, include anode, refined, alloy and semi-finished copper products.

The country exported 452,000 tonnes of unwrought aluminium and aluminium products, including primary, alloy and semi-finished aluminium products, in March, up from February's 370,000 tonnes. Meanwhile Hedge funds and money managers raised their net long positions in COMEX gold and copper contracts in the week to April 10, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday.

Today China's data was out suggesting economy will grew 6.8 percent in the first quarter of 2018, the statistics bureau reported on Tuesday. That topped a consensus estimate of 6.7 percent year-over-year growth for the quarter. Now metals traders will be keeping a close eye on geopolitical developments in the coming week amid heightened tensions between the U.S. and Russia in the wake of U.S.-led missile strikes on Syria and the latest round of U.S. sanctions on Russia.

Technically market is under short covering as market has witnessed drop in open interest by -4.21% to settled at 11435 while prices up 4.2 rupees, now Copper is getting support at 442.5 and below same could see a test of 437.9 level, And resistance is now likely to be seen at 451.2, a move above could see prices testing 455.3.       

Trading Ideas:   

* Copper trading range for the day is 437.9-455.3.

* Copper gained as losses in the U.S. dollar bolstered, though gains were muted as financial markets bet that air strikes on Syria would not escalate into a wider conflict.

* China's imports of unwrought copper and copper products in March grew 22% month on month and stood at 439,000 mt, according to data from China Customs.

* China likely carried most of its strong economic momentum from last year into the first quarter of 2018.

Zinc 

Zinc on MCX settled up 1.23% at 205.20 gained on short covering and tracking LME zinc which rose 0.5 percent to$3,131.50 a tonne as investors wagered the latest U.S.-led strike on Syria would not escalate into a wider conflict, though Asian equities turned mixed as selling in bank shares slugged Chinese indexes.

China likely carried most of its strong economic momentum from last year into the first quarter of 2018, with government crackdowns on financial risks and industrial pollution dragging less on activity than earlier expected. Today China's data was out suggesting economy will grew 6.8 percent in the first quarter of 2018, the statistics bureau reported on Tuesday.

That topped a consensus estimate of 6.7 percent year-over-year growth for the quarter. Now metals traders will be keeping a close eye on geopolitical developments in the coming week amid heightened tensions between the U.S. and Russia in the wake of U.S.-led missile strikes on Syria and the latest round of U.S. sanctions on Russia.

Traders will also be looking ahead to U.S. economic reports, in particular a slate of Fed speakers that may fuel U.S. dollar volatility which could impact metal.

Technically market is under short covering as market has witnessed drop in open interest by -18.57% to settled at 3706 while prices up 2.5 rupees, now Zinc is getting support at 202.8 and below same could see a test of 200.3 level, And resistance is now likely to be seen at 207.3, a move above could see prices testing 209.3.          

Trading Ideas:   

* Zinc trading range for the day is 200.3-209.3.

* Zinc gains as support seen after an emergency response to the heavily-polluted weather in the Beijing, Tianjin and Hebei area.

* China’s State Reserve Bureau may release 50,000-60,000 mt of zinc ingot to be received by some state-owned enterprises.

* South Korea is seeking to buy a total 1,500 tonnes of zinc for July arrival via separate tenders, the state-run Procurement Service said

Nickel    

Nickel on MCX settled up 2.45% at 927.10 on fresh buying as support seen from LME Nickel which rose 2.8 per cent to a two-month high of $US14,335 tonnes as upward pressure across the industrial metals coincides with a positive risk appetite in the West, evident in gains in stock index.

But risk sentiment remains fragile in Asia, with the Shanghai composite index off by 1.5% and down for a third trading day in a row. This weakness comes amid a tense geopolitical backdrop, especially after the United States, United Kingdom and France launched missile strikes against Syria over the weekend, in response to an alleged chemical attack in the Syrian city of Douma on April 7.

The strikes were denounced by Russian President Vladimir Putin as an “act of aggression” and by Iran’s Supreme Leader Ayatollah Ali Khamenei as a “war crime”. Support also seen after the news that the global nickel market deficit widened to 15,800 tonnes in January from a revised deficit of 12,300 tonnes in the previous month, the International Nickel Study Group said. 

Today China's data was out suggesting economy will grew 6.8 percent in the first quarter of 2018, the statistics bureau reported on Tuesday. That topped a consensus estimate of 6.7 percent year-over-year growth for the quarter.

Technically market is under fresh buying as market has witnessed gain in open interest by 34.75% to settled at 12307 while prices up 22.2 rupees, now Nickel is getting support at 909.8 and below same could see a test of 892.6 level, And resistance is now likely to be seen at 941.7, a move above could see prices testing 956.4.  

Trading Ideas:   

* Nickel trading range for the day is 892.6-956.4.

* Nickel prices gained as support seen after China's Tangshan imposes further steel cuts after smog forecast.

* Steel mills have been ordered to cut 50 percent of sintering capacity over and above the existing output restrictions in place until November.

* Nickel ore production at PT Aneka Tambang (Antam) surged 301% year on year to 2.11 million wet metric tonnes (wmt) in January-March of this year.

Aluminium

Aluminium on MCX settled up 4.67% at 156.75 rallied on fresh buying as support seen after LME Aluminium closed five per cent higher at $US2,399 per tonne after earlier touching its highest since September 2011 at $US2,403 as the US dollar fell and Rio Tinto declared force majeure on some customer contracts after the United States imposed sanctions on its Russian partner Rusal.

Apart from saying it would declare force majeure on certain customer contracts, Rio Tinto also said on Friday it was reviewing Rusal's 20 per cent stake in the Queensland Alumina refinery, Rusal's supply and offtake arrangements, bauxite sales to Rusal's refinery in Ireland and offtake contracts for alumina.

Meanwhile the global aluminium market could face supply shortages because of US sanctions on Russia and Norsk Hydro's production cuts in Brazil, Hydro's chief executive said on Monday. Boosting commodity prices was a softer dollar , which tends to support metals it is priced in. Despite total stocks of aluminium rose 15,100 tonnes to 1.4 million tonnes.

Total stocks are up nine per cent since the start of the Rusal sanctions on April 6. Now metals traders will be keeping a close eye on geopolitical developments in the coming week amid heightened tensions between the U.S. and Russia in the wake of U.S.-led missile strikes on Syria and the latest round of U.S. sanctions on Russia.

Technically market is under fresh buying as market has witnessed gain in open interest by 19.08% to settled at 8408 while prices up 7 rupees, now Aluminium is getting support at 151.9 and below same could see a test of 146.9 level, And resistance is now likely to be seen at 160.2, a move above could see prices testing 163.5.      

Trading Ideas:   

* Aluminium trading range for the day is 146.9-163.5.

* Aluminium gained after Rio Tinto said it would declare force majeure on certain customer contracts in light of U.S. sanctions on its partner.

* Concerns over supply shortages focus not only on aluminium but also on the substance used to make the metal.

* China, "may be able to step in and supply metal to Rusal customers, possibly even for political reasons", but this would be "only a temporary alleviation on the impact".

Mentha oil 

Mentha oil on MCX settled up by 2.44% at 1442.1 on the back of rising demand from consuming industries at the spot market. Further, restricted supplies from major growing regions of Chandausi in Uttar Pradesh also added support to mentha oil uptrend. Prices seen supported amid speculation in the market that government can rethink to introduce an Environmental Tax on Synthetic Mentha.

This year prices has rallied almost 1120 rupees i.e by almost 129 percent , this will attract producer of Synthetic Mentha to increase their supply in Indian market. In order to safeguard domestic farmers Environmental Tax on Synthetic Mentha should be introduced, this had been already in demand since long back in order to safeguard the interest of mentha farmers.

Farmers have limited the arrival of mentha in major spot markets of Uttar Pradesh in the anticipation of increase in prices. As per the sources demand is moderate from the major domestic consuming industries. However, in recent years, the growth in production and consumption of synthetic mentha has influenced the demand for natural mentha.

As per sources, India contributes around 80% to the total global mentha oil production. Total global production stood at around 48,000 tonnes, out of which India produces between 30,000-40,000 tonnes. According to estimates, mentha oil production in India for crop year 2016-17 will be around 38,000 tonnes. 

Mentha oil spot at Sambhal closed at 1544.80 per 1kg. Spot prices was up by Rs.11.80/-.Technically market is under fresh buying as market has witnessed gain in open interest by 3.75% to settled at 1080 while prices up 34.3 rupees, now Menthaoil is getting support at 1411.8 and below same could see a test of 1381.6 level, And resistance is now likely to be seen at 1460.6, a move above could see prices testing 1479.2.

Trading Ideas:   

* Menthaoil trading range for the day is 1381.6-1479.2.

* Mentha oil spot at Sambhal closed at 1544.80 per 1kg. Spot prices was up by Rs.11.80/-.

* Mentha oil prices gained on the back of rising demand from consuming industries at the spot market.

* Further, restricted supplies from major growing regions of Chandausi in Uttar Pradesh also added support to mentha oil uptrend.

* To safeguard domestic farmers Environmental Tax on Synthetic Mentha should be introduced, this had been already in demand since long back.

Soyabean

Soyabean on NCDEX settled down by -1.4% at 3798 on profit booking as millers are unsure about increase demand for meal exports. However, downside seen limited amid projection of lower global output and stockpiles.

The United States department of agriculture (USDA) in its World Agriculture Supply and Demand Estimates report trimmed global soybean 2017-18 output forecast to 334.81 million tons in April compared to 340.86 estimated in March. Net sales of 1.5 million tons for the week ended Apr 5 which is up 33% from the previous week and 74% from the prior 4-week average.

The USDA said private exporters sold 141,518 ton of US soybeans to Mexico and another 120,000 tons to Argentina, all for 2018-19 delivery. Soybean daily arrivals in local mandis across the country averaged at 40,000-60,000 bag (per bag of 100 kg) during past five trading days. Arrivals are expected to be around 35,000-50,000.

As per SOPA, India is likely to export 90,000 tonnes soymeal in April, down around 20% from 111,800 tn a year ago, mainly due to less demand from major importers. According to data released by SEA, soymeal exports for Apr-Mar, rose 26.2% on year at 11.56 lt due to firm demand from European Union particularly France and Germany.

Meanwhile, trade body, SOPA cuts soybean production by nearly 10 lt to 83.5 lt for 2017/18 crop. At the Indore spot market in top producer MP, soybean gained  15 Rupees to 3885 Rupees per 100 kgs.

Technically market is under fresh selling as market has witnessed gain in open interest by 3.11% to settled at 185740 while prices down -54 rupees, now Soyabean is getting support at 3769 and below same could see a test of 3741 level, And resistance is now likely to be seen at 3837, a move above could see prices testing 3877.         

Trading Ideas:   

* Soyabean trading range for the day is 3741-3877.

* Soyabean dropped on profit booking as millers are unsure about increase demand for meal exports.

* However, downside seen limited amid projection of lower global output and stockpiles.

* NCDEX accredited warehouses soyabean stocks dropped by 1244 tonnes to 113929 tonnes.

* At the Indore spot market in top producer MP, soybean gained  15 Rupees to 3885 Rupees per 100 kgs.

Ref.Soyaoil

Ref.Soyaoil on NCDEX settled down by -0.65% at 769.45 tracking weakness in spot demand due to higher domestic stocks. India imported 1.15 million tonnes of vegoils during march 2018 versus 1.11 tonnes in March 2017.

The US weekly export sales of soyoil were down at 22 million tons compared 43.5 million tons in last week. Further, the latest USDA report has increased the production of the world soy oil. Against the rise in production the Total consumption has witnessed a decline of 100 million pounds at 22,800 million pounds.

According to data released by the SEA, soy oil imports in February were at 133,787 tonnes, down from 251,740 tonnes a year ago. For NovFeb, soy oil imports were at 7.12 lt, compared with 8.15lt in the year-ago period. Country’s vegetable imports fall by 9% in February 1.16 mt. India's monthly requirement of edible oil is around 1.83 mt, however, has a stock of over 2.20 mt, which is enough to meet requirements for 36 days.

The World Ending Stock has increased by 12.27% at 1,966 million pounds. Government has increased base import prices of all edible oils, according to an official notification. For the second fortnight of April, the base import price of crude soy oil was hiked by $14 to $824 per tn. Higher import duty and increase in tariff value during the current calendar year is making imports expensive.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 765.95 Rupees per 10 kgs.Technically market is under fresh selling as market has witnessed gain in open interest by 4.33% to settled at 57360 while prices down -5.05 rupees, now Ref.Soya oil is getting support at 767 and below same could see a test of 766 level, And resistance is now likely to be seen at 771, a move above could see prices testing 774.        

Trading Ideas:   

* Ref.Soya oil trading range for the day is 766-774.

* Ref soyoil ended with losses tracking weakness in spot demand due to higher domestic stocks.

* India imported 1.15 million tonnes of vegoils during march 2018 versus 1.11 tonnes in March 2017

* The US weekly export sales of soyoil were down at 22 million tons compared 43.5 million tons in last week.

* At the Indore spot market in Madhya Pradesh, soyoil was steady at 765.95 Rupees per 10 kgs.

Crude palm Oil

Crude palm Oil on MCX settled down by -0.66% at 636.1 on expectations of slowing demand growth and tracking losses in related edible oils. Exports of Malaysian palm oil products for April 1-15 rose 6.4 percent from the corresponding period in March, inspection company AmSpec Agri Malaysia reported.

Demand growth slowed from a 25.6 percent rise in exports from April 1-10. India's crude Palm oil (CPO) imports in March increased by 30.33% compared to same period a year ago despite the government imposed higher duty. CPO duty hiked three times since August to discourage imports last fiscal.

Market participants believe that the duty difference between crude and refined oils and higher consumption led to increased imports. Imports of crude palm oil during March rose to 591,985 tons compared to 454,213 tons in the same period a year ago, the Solvent Extractors Association (SEA) of India showed in its edible oil import data.

Higher CPO imports led India's vegetable oil shipments during March rose by 3% to 1.14 million tons compared to 1.11 million tons in the same period a year ago. Shipments during Nov-Mar oil marketing year also rose marginally by 2% to 5.93 million tons compared to 5.79 million tons on year.

Edible oil imports rose by 2.75% to 1.12 million tons compared to 1.09 million tons in the same period a year ago. Technically market is under long liquidation as market has witnessed drop in open interest by -2.11% to settled at 4501 while prices down -4.2 rupees, now CPO is getting support at 633.6 and below same could see a test of 631.2 level, And resistance is now likely to be seen at 639.1, a move above could see prices testing 642.2.               

Trading Ideas:   

* CPO trading range for the day is 631.2-642.2.

* Crude palm oil dropped on expectations of slowing demand growth and tracking losses in related edible oils.

* Exports of Malaysian palm oil products for April 1-15 rose 6.4 percent from the corresponding period in March.

* India's CPO imports in March increased by 30.33% compared to same period a year ago despite the government imposed higher duty.

                Crude palm oil prices in spot market dropped by 1.80 rupees and settled at 637.00 rupees.

Mustard Seed

Mustard Seed on NCDEX settled down by -0.46% at 3909 tracking weakness in spot demand amid anticipation of increasing arrivals.  However downside seen limited amid reports of buying by government agencies and increasing crushing parity. The UP government announced to start buying mustard and Chana at MSP from 15 April in 25 districts.

The Rajasthan govt had announced to start the buying from 10 April but haven't received any buyers while Gujarat government will be buying mustard at the MSP from 20 April. The National Agricultural Cooperative Marketing Federation of India had procured 487 tn of mustard at minimum support price from farmers in Rajasthan and Haryana, an official with the agency said.

The agency bought 218 tn of mustard from 104 farmers at 20 centres in Rajasthan, and 269 tn from 143 growers at 10 centres in Haryana. The states are the leading growers of the oilseed. NAFED started procuring the commodity after market prices slipped below the minimum support price of 4,000 rupees per 100 kg. The Centre has approved procurement of 800,000 tn of mustard in Rajasthan and 237,250 tn in Haryana.

The decline in prices has been attributed to subdued buying by millers, as well as rising new crop arrivals in key markets. Oil mills across the country crushed 375,000 tn of mustard seed, up 15% on month, according to data compiled by the Mustard Oil Producers Association of India. In Alwar spot market in Rajasthan the prices dropped -12.9 Rupees to end at 3844.75 Rupees per 100 kg.

Technically market is under fresh selling as market has witnessed gain in open interest by 1.19% to settled at 123140 while prices down -18 rupees, now Rmseed is getting support at 3892 and below same could see a test of 3874 level, And resistance is now likely to be seen at 3929, a move above could see prices testing 3948.    

Trading Ideas:   

* Rmseed trading range for the day is 3874-3948.

* Mustard seed prices dropped tracking weakness in spot demand amid anticipation of increasing arrivals.

* Oil mills across the country crushed 375,000 tn of mustard seed, up 15% on month, according to data compiled by the Mustard Oil Producers Association of India.

* NCDEX accredited warehouses mustard seed stocks gained by 7409 tonnes to 67375 tonnes.

* In Alwar spot market in Rajasthan the prices dropped -12.9 Rupees to end at 3844.75 Rupees per 100 kg.

Turmeric

Turmeric on NCDEX settled up by 1.42% at 6846 on back of good buying interest from local stockists amid arrival of good quality produce and strong upcountry demand. Moreover, reports that export demand would increase in near term also fuelled the uptrend.

In Nizamabad, daily arrivals have fallen to around 12,000 bags from over 20,000 bags a week ago. There is expectation of improved upcountry and export demand for new crop. Turmeric output is estimated to be lower than last year as farmers switched over to other alternative crop because of weak prices they received last year.

However, overall supplies may be around last year's level thanks to higher carryover stocks. India's turmeric export during April-September remained flat 59,000 ton, showed Spices Board data. Spot turmeric prices decreased but the sales increased.

Farmers brought 4,500 bags expecting a higher price for their commodity. Medium and good variety turmeric arrived for sale. The traders purchased all the hybrid turmeric and good quality new turmeric but for a lower price.

The hybrid finger variety lost Rs. 450, but the hybrid root variety gained Rs. 250 a quintal due to quality. Similarly, in all the markets the price of both varieties of local turmeric decreased. On an average, 70 per cent stocks were sold.  In Nizamabad, a major spot market in AP, the price ended at 6471.45 Rupees remains unchanged at0 Rupees.

Technically market is under fresh buying as market has witnessed gain in open interest by 3.45% to settled at 14075 while prices up 96 rupees, now Turmeric is getting support at 6792 and below same could see a test of 6736 level, And resistance is now likely to be seen at 6882, a move above could see prices testing 6916.           

Trading Ideas:   

* Turmeric trading range for the day is 6736-6916.

* Turmeric prices gained on back of good buying interest from local stockists amid arrival of good quality produce and strong upcountry demand.

* In Nizamabad, daily arrivals have fallen to around 12,000 bags from over 20,000 bags a week ago.

* NCDEX accredited warehouses turmeric stocks gained by 70 tonnes to 2919 tonnes.

* In Nizamabad, a major spot market in AP, the price ended at 6471.45 Rupees remains unchanged at0 Rupees.

Jeera

Jeera on NCDEX settled up by 1.34% at 15865 supported by fresh buying on lower arrivals and anticipation of improve in physical demand in coming weeks. Arrivals of jeera in the country were lower at 15,367 tonnes during 1-15 April compared to 19,265 tonnes last year for the same period.

As per government data, Jeera exports during first 10 month of FY 2017/18 (Apr-Jan) is 114,882 tonnes, up 12.5% compared to last year exports volume for the same period. India's jeera exports in January were down by 9.3% on year to 7,705 tonnes.

Jeera output is expected to be bumper and supplies are likely to increase in the coming days. The Federation of Indian Spices Stakeholders (FISS) - projected India's 2017-18 jeera output at 6.92 million bags up 19% on year on the back of higher acreage and favourable weather. Jeera arrivals during March this year swelled to 50,973 ton from 43,831 ton a year ago.

As per sowing report, current year Jeera sowing area reported increased in Gujarat and Rajasthan due to higher prices throughout the year. Expected sowing area to go up by 15-25% in Rajasthan and Gujarat, in the current year. As per production estimate Jeera production for 2018-19 is estimated at 379,500 MT compared to previous year’s 314,050 MT.

In Unjha, a key spot market in Gujarat, jeera edged up by 63.35 Rupees to end at 15933.35 Rupees per 100 kg.Technically market is under fresh buying as market has witnessed gain in open interest by 4.01% to settled at 5208 while prices up 210 rupees, now Jeera is getting support at 15730 and below same could see a test of 15600 level, And resistance is now likely to be seen at 15945, a move above could see prices testing 16030.         

Trading Ideas:   

* Jeera trading range for the day is 15600-16030.

* Jeera prices gained supported by fresh buying on lower arrivals and anticipation of improve in physical demand in coming weeks.

* Arrivals of jeera in the country were lower at 15,367 tonnes during 1-15 April.

* NCDEX accredited warehouses jeera stocks gained by 44 tonnes to 3413 tonnes.

* In Unjha, a key spot market in Gujarat, jeera edged up by 63.35 Rupees to end at 15933.35 Rupees per 100 kg.

Cardamom 

Cardamom on MCX settled down by -2.47% at 993.1 due to lack of support in the wake of reports of favourable weather conditions in the producing centres of Kerala. The current weather will not only help the growth of plants but arrivals of new crop may also start early.

New crop season starts from August but if weather is favourable than new produce supplies commence by June end. India exported 2,230 ton cardamom during Apr-Sept 2017-18 up from 1,624 ton a year ago- showing a significant increase of 37%. The small cardamom prices showed an easier/ steady trend after remaining firmer last week.

As the prices moved up in recent days those holding the capsules have started releasing in good quantity and that coupled with the comparatively inferior quality of the material has pushed the prices down.

At the auction in Bodi conducted by the Cardamom Planters Association (CPA) Santhanpara 27 tonnes arrived and of these around 20 tonnes of cardamom were traded. The Spices Board has held an e-auction of small cardamom at Puttady Spice Park in Idukki, where operations were temporarily suspended for technical maintenance and upgrades.

Technically market is under long liquidation as market has witnessed drop in open interest by -2.19% to settled at 268 while prices down -25.2 rupees, now Cardamom is getting support at 980.6 and below same could see a test of 968.1 level, And resistance is now likely to be seen at 1012.8, a move above could see prices testing 1032.5.          

Trading Ideas:   

* Cardamom trading range for the day is 968.1-1032.5.

* Cardamom dropped due to lack of support in the wake of reports of favourable weather conditions in the producing centres of Kerala.

* The current weather will not only help the growth of plants but arrivals of new crop may also start early.

* New crop season starts from August but if weather is favourable than new produce supplies commence by June end.

* Cardamom prices in spot market dropped by 30.40 rupees and settled at 1018.30 rupees. 

Cotton

Cotton on MCX settled up by 0.19% at 20910 on robust consumption demand coupled with fall in arrivals in physical market. Domestic market arrivals are likely to weaken in upcoming week on end of arrival season while demand is expected to witness impressive growth. 

Local mandis across the country reported daily arrivals at an average of 100,000-115,000 bales per day in the week. Arrivals are expected to fall below 100,000 bales per day. Further, Cotton Association of India (CAI) trimmed cotton crop for the ongoing season at 36 million bales compared to earlier estimate of 36.2 million bales.

CAI trimmed output for Maharashtra and Karnataka by 100,000 bales each owing to severe crop damages caused by pest attack. Moreover, domestic market is likely to witness robust demand in near-term on account of higher buying activities of industrial users so as to build inventory and keep prices supported. Indian markets have received nearly 68% of the 2017-18 total cotton crops.

India is world's largest cotton producing country. Total cotton arrivals across the country stood at 25.77 million bales as against 25.50 million bales a year ago, an official from Cotton Corporation of India (CCI) said. Cotton Advisory Board (CAB) pegged India's 2017-18 cotton output at 37.7 million bales.

Technically market is under short covering as market has witnessed drop in open interest by -11.74% to settled at 6306 while prices up 40 rupees, now Cotton is getting support at 20826 and below same could see a test of 20743 level, And resistance is now likely to be seen at 20986, a move above could see prices testing 21063.             

Trading Ideas:   

* Cotton trading range for the day is 20743-21063.

* Cotton prices gained on robust consumption demand coupled with fall in arrivals in physical market.

* Domestic market arrivals are likely to weaken in upcoming week on end of arrival season while demand is expected to witness impressive growth. 

* Local mandis across the country reported daily arrivals at an average of 100,000-115,000 bales per day in the week.

* Cotton prices in spot market gained by 120.00 rupees and settled at 20060.00 rupees. 

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