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Gold
Gold yesterday settled down by -0.91% at 44541 as the dollar gained in strength and the yields on long-term U.S. Treasury Notes rose. The number of Americans filing new claims for unemployment benefits rose last week, likely boosted by brutal winter storms in the densely populated South in mid-February, though the labor market outlook is improving amid declining new COVID-19 cases. Initial claims for state unemployment benefits totaled a seasonally adjusted 745,000 for the week ended Feb. 27, compared to 736,000 in the prior week, the Labor Department said. The U.S. Senate is expected to begin debating President Joe Biden's $1.9 trillion coronavirus relief package after agreeing to phase out payments to higher-income Americans in a compromise with moderate Democratic senators. The amount of gold held by exchange traded funds (ETFs) fell by 84.7 tonnes worth $4.6 billion in February as rising bond yields reduced interest in bullion, the World Gold Council (WGC) said. ETFs storing gold for shareholders grew rapidly during the coronavirus crisis as investors amassed what they saw as a safe asset and central banks flooded markets with money, lowering bond yields and making non-yielding gold more attractive. Gold-backed ETFs saw large outflows in November and December and a small inflow in January. Technically market is under long liquidation as market has witnessed drop in open interest by -2.05% to settled at 13167 while prices down -407 rupees, now Gold is getting support at 44354 and below same could see a test of 44167 levels, and resistance is now likely to be seen at 44845, a move above could see prices testing 45149.
Trading Ideas:            
* Gold trading range for the day is 44167-45149.
* Gold prices fell as the dollar gained in strength and the yields on long-term U.S. Treasury Notes rose.
* U.S. weekly jobless claims increase less than expected
* 85 tonnes of gold flowed out of ETFs in February as prices fell – WGC

Silver
Silver yesterday settled down by -3.06% at 65921 as a jump in U.S. bond yields threatened the precious metal's appeal as an inflation hedge. Treasury yields stabilized as investors awaited a speech from Federal Reserve Chair Jerome Powell for any hints about the recent jump in bond yields. Some money managers are betting that additional fiscal stimulus in the U.S. will boost inflation and cause the Fed to raise interest rates sooner than they had anticipated. The U.S. Senate delayed a debate on a $1.9 trillion Covid-19 relief bill until at least Thursday, with passage in the chamber likely pushed off until the weekend. Partly reflecting a spike in orders for transportation equipment, the Commerce Department released a report showing a bigger than expected increase in new orders for U.S. manufactured goods in the month of January. The Commerce Department said factory orders surged up by 2.6 percent after jumping by an upwardly revised 1.6 percent in December. The Labor Department report showed a modest increase in first-time claims for U.S. unemployment benefits in the week ended February 27th. The report said initial jobless claims inched up to 745,000, an increase of 9,000 from the previous week's revised level of 736,000. A report released by the Labor Department showed U.S. labor productivity plunged by less than initially estimated in the fourth quarter of 2020. Technically market is under fresh selling as market has witnessed gain in open interest by 2.7% to settled at 12523 while prices down -2079 rupees, now Silver is getting support at 65112 and below same could see a test of 64303 levels, and resistance is now likely to be seen at 67235, a move above could see prices testing 68549.          
Trading Ideas:            
* Silver trading range for the day is 64303-68549.
* Silver prices dropped as a jump in U.S. bond yields threatened the precious metal's appeal as an inflation hedge.
* U.S. factory orders jump more than expected in January
* U.S. labor productivity tumbles 4.2% in q4, less than previously estimated

Crude oil
Crude oil yesterday settled up by 4.02% at 4707 lifted by an announcement by OPEC+ that the group would keep production steady for now. Saudi Arabia is considering extending its voluntary oil cuts of 1 million barrels per day by one month into April. U.S. crude oil stockpiles surged by a record of more than 21 million barrels last week as refining plunged to an all-time low due to the Texas freeze that knocked out power for millions. With refiners unable to process crude, gasoline and distillate inventories also dropped dramatically, especially in the Gulf Coast region where their declines set records, the U.S. Energy Information Administration said. Russian Deputy Prime Minister Alexander Novak said that he shared concerns about risks and uncertainties on the global oil markets, but added that the situation has improved, RIA news agency reported. OPEC+ ministers hold a full meeting on Thursday in order to decide on production policy. Israel accused Iran of being linked to a recent oil spill off its shores that caused major ecological damage, calling the incident environmental terrorism. The spill was caused by an oil tanker that was carrying pirated cargo from Iran to Syria last month, Israeli Environmental Protection Minister Gila Gamliel said. Technically market is under fresh buying as market has witnessed gain in open interest by 23.12% to settled at 4734 while prices up 182 rupees, now Crude oil is getting support at 4503 and below same could see a test of 4299 levels, and resistance is now likely to be seen at 4825, a move above could see prices testing 4943.         
Trading Ideas:            
* Crude oil trading range for the day is 4299-4943.
* Crude oil prices moved sharply higher lifted by an announcement by the OPEC+ that the group would keep production steady for now.
* Delegates: OPEC+ decides not to hike output by 500k bpd in April.
* Russia reportedly has been given an exemption from OPEC+ supply deal - Delegates

Natural gas
Nat.Gas yesterday settled down by -3.04% at 200.7 after a smaller-than-expected storage draw last week and forecasts for milder weather over the next two weeks. The U.S. Energy Information Administration (EIA) said U.S. utilities pulled 98 billion cubic feet (bcf) of gas from storage during the week ended Feb. 26. Last week's decrease cut stockpiles to 1.845 trillion cubic feet (tcf), or 8.8% below the five-year average of 2.023 tcf for this time of year. Data provider Refinitiv said output in the Lower 48 U.S. states averaged 90.7 billion cubic feet per day (bcfd) so far in March. That compares with a 28-month low of 86.5 bcfd in February when extreme weather froze gas wells and pipes in Texas and an all-time monthly high of 95.4 bcfd in November 2019. Refinitiv projected average gas demand, including exports, would drop from 112.4 bcfd this week to 105.1 bcfd next week as the weather turns seasonally milder. The amount of gas flowing to U.S. LNG export plants, meanwhile, averaged 10.2 bcfd so far in March. That compares with a four-month low of 8.5 bcfd in February as extreme cold cut power and gas supplies, and a monthly record high of 10.7 bcfd in December. Buyers around the world continue to purchase near record amounts of U.S. gas because prices in Europe and Asia remain high enough to cover the cost of shipping the U.S. fuel across the oceans. Technically market is under long liquidation as market has witnessed drop in open interest by -7.72% to settled at 8479 while prices down -6.3 rupees, now Natural gas is getting support at 195.6 and below same could see a test of 190.6 levels, and resistance is now likely to be seen at 205.8, a move above could see prices testing 211.    
Trading Ideas:            
* Natural gas trading range for the day is 190.6-211.
* Natural gas fell after a smaller-than-expected storage draw last week and forecasts for milder weather over the next two weeks.
* The U.S. Energy Information Administration (EIA) said U.S. utilities pulled 98 billion cubic feet (bcf) of gas from storage during the week ended Feb. 26.
* Last week's decrease cut stockpiles to 1.845 trillion cubic feet (tcf), or 8.8% below the five-year average of 2.023 tcf for this time of year.

Copper
Copper yesterday settled down by -4.19% at 672.85 amid worries around policy tightening and bubbles in the Chinese economy ahead of a key parliamentary session that will unveil the country's five-year plan to support a recovery from the CPVID-19 pandemic. Risk appetite was also dragged down by reports that the US Senate delayed the start of debate on President Joe Biden’s $1.9 trillion COVID-19 relief bill until at least later in the day and that Polandia did not recommend using Chinese company Sinopharm’s COVID-19 vaccine due to a lack of data. The People's Bank of China (PBoC) injected CNY 20 billion into the market via seven-day reverse repos at an interest rate of 2.2 percent on March 4th, 2021. With CNY 20 billion reverse repos maturing on the same day, the move led to a net liquidity withdrawal of CNY 10 billion from the market. The central bank said the move intended to maintain reasonable and sufficient liquidity of the banking system. Global copper smelting edged lower in February as industrial activity in top producer China declined during the Lunar New Year holiday, data from satellite surveillance of copper plants showed. The decline in China was partially offset by gains in Europe and North America, which had been hit the previous month by pandemic-linked lockdowns. Technically market is under long liquidation as market has witnessed drop in open interest by -14.23% to settled at 3248 while prices down -29.45 rupees, now Copper is getting support at 656.8 and below same could see a test of 640.7 levels, and resistance is now likely to be seen at 695.5, a move above could see prices testing 718.1.       
Trading Ideas:            
* Copper trading range for the day is 640.7-718.1.
*Copper prices dropped amid worries around policy tightening and bubbles in the Chinese economy ahead of a key parliamentary session
* PBoC injected CNY 20 billion into the market via seven-day reverse repos at an interest rate of 2.2 percent
* Global copper smelting edged lower in February as industrial activity in top producer China declined during the Lunar New Year holiday

Zinc
Zinc yesterday settled down by -1.1% at 214.9 as bleak manufacturing data from top consumer China pressured prices, while investors were cautious as they awaited a series of policy announcements later this week. China announced weaker-than-expected February activity growth in the manufacturing sector, one of the biggest consumers of industrial metals. Domestic zinc concentrate is in short supply as zinc mines in high-altitude areas remain suspended, and mines in some regions postponed resumption due to the two sessions. Treatment charges maintained downward trend in Sichuan, Yunnan and Shaanxi, and was stable in Inner Mongolia. Smelters in Hunan and Guangxi intended to raise TCs as they had imported sufficient zinc concentrate previously. Domestic TCs are likely to decline further. Eurozone retail sales declined more than expected in January as strict restrictions to contain the spread of the Covid-19 dampened demand for non-food products, data from Eurostat showed. Another official report showed that the jobless rate in the currency bloc remained unchanged in January. Retail sales volume decreased 5.9 percent on month, in contrast to a 1.8 percent rise in December. Economists had forecast sales to drop moderately by 1.1 percent. Technically market is under long liquidation as market has witnessed drop in open interest by -11.05% to settled at 1836 while prices down -2.4 rupees, now Zinc is getting support at 210.8 and below same could see a test of 206.7 levels, and resistance is now likely to be seen at 218.7, a move above could see prices testing 222.5.
Trading Ideas:            
* Zinc trading range for the day is 206.7-222.5.
* Zinc prices dropped as bleak manufacturing data from top consumer China pressured prices
* Investors were cautious as they awaited a series of policy announcements later this week.
* Domestic zinc concentrate is in short supply as zinc mines in high-altitude areas remain suspended

Nickel
Nickel yesterday settled down by -7.69% at 1162.9 on concerns of oversupply in the nickel battery market after Chinese giant Tsingshan announced a major supply pact. China's Tsingshan Holding Group, a nickel and stainless steel giant, will provide 100,000 tonnes of nickel matte to Huayou Cobalt and battery materials maker CNGR Advanced Material. Nickel prices have surged partly on expectations of battery nickel shortage, but Tsingshan's move could prove economically sufficient supply for the sector. Pressure also seen after update one of the major nickel producing mine’s production at Russia which was on a halt due to water shortage can restart production. LME Nickel plunged as bond yields rose again and the world's biggest producer of the metal reported progress in restoring a mine. Nornickel president Vladimir Potanin said that the company will on March 9 “determine the precise production volumes that have been affected. Manufacturing activities across nickel downstream sectors in China retreated to the contractionary territory in February. Data showed that the purchasing manager's index (PMI) for downstream nickel industries, including stainless steel, electroplating, alloy and battery, stood at 46.93 in February, down 3.68 points from January. Nickel most-active SHFE 2104 nickel contract fell 6% to close at 134,020 yuan/mt. Open interests fell 1,341 lots to 101,473 lots. Overseas investors further fermented the news, causing nickel prices to fall sharply. Technically market is under long liquidation as market has witnessed drop in open interest by -1.18% to settled at 2176 while prices down -96.9 rupees, now Nickel is getting support at 1133.7 and below same could see a test of 1104.4 levels, and resistance is now likely to be seen at 1216.9, a move above could see prices testing 1270.8.           
Trading Ideas:            
* Nickel trading range for the day is 1104.4-1270.8.
* Nickel prices dropped on concerns of oversupply in the nickel battery market after Chinese giant Tsingshan announced a major supply pact.
* China's Tsingshan Holding Group, a nickel and stainless steel giant, will provide 100,000 tonnes of nickel matte to Huayou Cobalt.
* Pressure also seen after update one of the major nickel producing mine’s production at Russia which was on a halt due to water shortage can restart production.

Aluminium
Aluminium yesterday settled down by -2.55% at 171.8 as pressure seen after Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, rose 91,000 mt on the week to 1.17 million mt as of March 4, and stocks in Wuxi, Nanhai and Gongyi mainly contributed to the increase. Data showed that stocks of 6063 aluminium billet across the five major consumption areas – Foshan, Wuxi, Huzhou, Changzhou and Nanchang – in China rose 7,000 mt from the previous week to 246,300 mt as of March 4. Stocks dropped by 6,700 mt in Nanchang, but increased in other areas. Inventory buildup continued this week, but the rise narrowed, as the arrivals of cargoes were relatively low. New orders for US manufactured goods rose by 2.6 percent from a month earlier in January 2021, the largest increase since last July and above market expectations of a 2.1 percent advance. Demand for transport equipment climbed by 7.7 percent, boosted by jumps in orders for civilian aircraft (389.9 percent), defense aircraft (63.1 percent), ships and boats (52.1 percent), and vehicles (1.6 percent). Demand also rose for fabricated metal products (1.8 percent), primary metals (3.3 percent), and electrical equipment, appliances, and components (4.0 percent); but fell for both machinery (-0.6 percent) and computers and electronic products (-0.5 percent). Technically market is under long liquidation as market has witnessed drop in open interest by -8.11% to settled at 918 while prices down -4.5 rupees, now Aluminium is getting support at 169.8 and below same could see a test of 167.6 levels, and resistance is now likely to be seen at 175.8, a move above could see prices testing 179.6.
Trading Ideas:            
* Aluminium trading range for the day is 167.6-179.6.
* Aluminium prices dropped as pressure seen after social inventories of primary aluminium in China, including SHFE warrants, rose 91,000 mt
* Data showed that stocks of 6063 aluminium billet across in China rose 7,000 mt from the previous week to 246,300 mt
* US factory orders rise the most in 6 months

Mentha oil
Mentha oil yesterday settled down by -0.4% at 950.1 amid weak demand from cosmetics and toiletries sector in India. The COVID-19 outbreak has had a huge impact on the worldwide economy, and has posed a similar influence on the aroma chemicals market. The market has been faced with the lack of migrant labor, supply chain disruptions, shutdown of manufacturing activities, to name a few. Support also seen on the expectation that India’s fragrance industry which had been slow, now slowly gaining the positive momentum post the COVID unlock down. Headed towards a new decade, the fragrance industry has received a much needed boost with the acceptance of trendy dhoop sticks and dhoop cones which has seen an increased 20% demand day by day. The global aroma chemicals market is likely to record a steady CAGR of about 4% during the assessment period of 2020-2030. Growing demand for aroma chemicals in the food & beverage and fragrance industry will underpin the growth of the market. Strict regulations in relation to artificial flavours are complimenting to the expansion of natural aroma chemicals in the food sector. Out of India's total mentha oil exports, nearly 55% goes to China while 16% goes to the US and around 5% goes to Singapore. In Sambhal spot market, Mentha oil dropped by -1.9 Rupees to end at 1092.4 Rupees per 360 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -9.26% to settled at 49 while prices down -3.8 rupees, now Mentha oil is getting support at 944.2 and below same could see a test of 938.2 levels, and resistance is now likely to be seen at 957.1, a move above could see prices testing 964.      
Trading Ideas:            
* Mentha oil trading range for the day is 938.2-964.
* In Sambhal spot market, Mentha oil dropped  by -1.9 Rupees to end at 1092.4 Rupees per 360 kgs.
* Mentha oil dropped amid weak demand from cosmetics and toiletries sector in India.
*The COVID-19 outbreak has had a huge impact on the worldwide economy, and has posed a similar influence on the aroma chemicals market.
* The global aroma chemicals market is likely to record a steady CAGR of about 4% during the assessment period of 2020-2030.

Soyabean
Soyabean yesterday settled down by -1.98% at 5048 on profit booking after prices gained as worries about adverse weather in Brazil stoked concerns about global supplies. In Brazil, the world's biggest soy exporter, soybean harvesting are furthest behind schedule in south-central Mato Grosso, according to weather firm Maxar. Widespread rains in Mato Grosso over the next week should keep fieldwork behind the normal pace. European Union soybean imports in the 2020/21 season that started last July had reached 9.58 million tonnes by Feb. 28, data published by the European Commission showed. Prices gained supported by strong Chinese demand and falling U.S. inventories — led to extra attention on the USDA's expectations for this year's planting. Soyabean prices surged due to delays in exports from Brazil boosted expectations of higher demand for U.S. supplies. Chinese soybean crushers are expected to curtail operations sharply in the coming months due to harvest delays in top exporter Brazil, pushing up prices and likely leading to a rundown in inventories. Soyabean gains were partly offset by slowing U.S. export demand as the South American harvest continues to ramp up. U.S. soybean processors likely crushed 5.867 million short tons of the oilseed in January, or 195.6 million bushels. Large speculators raised their net long position in soybeans futures in the week to Feb. 23, regulatory data showed. At the Indore spot market in top producer MP, soybean gained 32 Rupees to 5256 Rupees per 100 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -18.92% to settled at 65185 while prices down -102 rupees, now Soyabean is getting support at 4994 and below same could see a test of 4941 levels, and resistance is now likely to be seen at 5127, a move above could see prices testing 5207.   
Trading Ideas:            
* Soyabean trading range for the day is 4941-5207.
* Soyabean dropped on profit booking after prices gained as worries about adverse weather in Brazil stoked concerns about global supplies.
* European Union soybean imports in the 2020/21 season that started last July had reached 9.58 million tonnes by Feb. 28,
* USDA attache sees Argentina 2020/21 soybean crop at 47.5 million T
* At the Indore spot market in top producer MP, soybean gained  32 Rupees to 5256 Rupees per 100 kgs.

Soyaoil
Ref.Soyaoil yesterday settled up by 0.3% at 1167.8 amid higher demand for edible oils amid winter season and lower imports of Soybean oil in the recent months. A strong export pace of soybeans could limit the amount of supplies available to crush into soymeal and soyoil. Government of India, lowered basic import duty on edible oils. The basic custom duty on CPO slashed from 27.5 percent to 15 percent whereas, soybean oil and sunflower oil duty is cut to 15% from 35%. The government has proposed 17.5% cess on CPO and 20% cess on crude soybean and sunflower oil, further added. The Solvent Extractors’ Association of India has compiled the export data for export of oilmeals for the month of December 2020 and provisionally reported at 512,997 tons compared to 220,404 tons in December, 2019 i.e. more than doubled (133%). The overall export of oilmeals during April to December 2020 recovered and provisionally reported at 2,461,696 tons compared to 1,955,276 tons during the same period of previous year i.e. up by 26%. At the Indore spot market in Madhya Pradesh, soyoil was steady at 1184.8 Rupees per 10 kgs. Technically market is under short covering as market has witnessed drop in open interest by -26.03% to settled at 21825 while prices up 3.5 rupees, now Ref.Soya oil is getting support at 1153 and below same could see a test of 1139 levels, and resistance is now likely to be seen at 1178, a move above could see prices testing 1189.  
Trading Ideas:            
* Ref.Soya oil trading range for the day is 1139-1189.
* Ref soyoil prices gained amid higher demand for edible oils amid winter season and lower imports of Soybean oil
* Very heavy rains remain in the forecast for Brazil's northern soybean belt, where farmers are trying to harvest the soybean crop.
* A strong export pace of soybeans could limit the amount of supplies available to crush into soymeal and soyoil.
* At the Indore spot market in Madhya Pradesh, soyoil was steady at 1184.8 Rupees per 10 kgs.

Crude palm Oil
Crude palm Oil yesterday settled up by 1.6% at 1050 on the back of strength in rival soyoil, although gains were capped by expectations of a rise in February-end inventories. End-stocks for both February and March will remain below 1.4 million tonnes. Mixed weather has kept 2020/21 Malaysia palm oil production estimates unchanged at 19.1 million tonnes. A slowdown in rainfall kept 2020/21 Indonesian production estimates at 46.0 million tonnes. Malaysia's palm oil stocks likely grew 7.6% month-on-month to 1.43 million tonnes at end-February due to a slower decline in production compared to exports. Exports of Malaysian palm oil products for February fell 4.6% to 1,052,779 tonnes from January as China and the United States cut down purchases, cargo surveyor Societe Generale de Surveillance said. European Union palm oil imports in the 2020/21 season stood at 3.69 million tonnes, compared with 3.78 million a year earlier, data published by the European Commission showed. Exports of Malaysian palm oil products in February fell 4.6% from January to 1,052,779 tonnes, cargo surveyor Societe Generale de Surveillance said. Output in Malaysia – the world's second-largest producer of palm oil – is seen increasing as Southern Peninsula Palm Oil Millers' Association (SPPOMA) estimated Feb. 1-25 production to rise by 19.78%. In spot market, Crude palm oil gained by 3.7 Rupees to end at 1065 Rupees. Technically market is under short covering as market has witnessed drop in open interest by -0.51% to settled at 7934 while prices up 16.5 rupees, now CPO is getting support at 1036.6 and below same could see a test of 1023.1 levels, and resistance is now likely to be seen at 1060.6, a move above could see prices testing 1071.1.          
Trading Ideas:            
* CPO trading range for the day is 1023.1-1071.1.
* Crude palm oil gained on the back of strength in rival soyoil, although gains were capped by expectations of a rise in February-end inventories.
* End-stocks for both February and March will remain below 1.4 million tonnes.
* Mixed weather has kept 2020/21 Malaysia palm oil production estimates unchanged at 19.1 million tonnes.
* In spot market, Crude palm oil gained  by 3.7 Rupees to end at 1065 Rupees.

Mustard Seed
Mustard Seed yesterday settled down by -1.89% at 5347 as the mustard sowing was excellent this year and production is expected to be better with favorable weather. However downside seen limited due to better demand as millers remain in the procurement due to the pipeline being empty. The arrival of new crops has started increasing in the mandis. The daily arrival of mustard in the current weekend was 1.85 lakh kattas. The daily arrival of new mustard in the mandis of Rajasthan has reached 70 thousand kattas. Mustard is getting up to 7/15 percent moisture. The weather is changing, so the moisture content is expected to decrease soon. The daily arrival of new mustard in the mandis of Uttar Pradesh is increasing day by day. The latest Government data shows that the planted area in Mustard or RM seed has so far reached 73.25 Lakh hectares as against 68.64 Lakh hectares during last year’s corresponding period. The government aims to take the area under mustard to around 80 lakh hectares this year, under the Oilseeds Mission program. The mustard crop continues providing better prices to farmers than the MSP till now. India’s 2020-21 mustard crop may touch 100 lakh ton-level due to higher sowing and conducive weather. The sowing of oilseed crops has increased to 81.80 lakh hectares in the current Rabi whereas till this time last year, it was sown only in 77.79 lakh hectares. In Alwar spot market in Rajasthan the prices gained 52.15 Rupees to end at 5590 Rupees per 100 kg. Technically market is under fresh selling as market has witnessed gain in open interest by 0.38% to settled at 42180 while prices down -103 rupees, now Rmseed is getting support at 5307 and below same could see a test of 5267 levels, and resistance is now likely to be seen at 5416, a move above could see prices testing 5485.           
Trading Ideas:            
* Rmseed trading range for the day is 5267-5485.
* Mustard seed dropped as the mustard sowing was excellent this year and production is expected to be better with favorable weather.
* However downside seen limited due to better demand as millers remain in the procurement due to the pipeline being empty.
*The arrival of new crops has started increasing in the mandis. The daily arrival of mustard in the current weekend was 1.85 lakh kattas.
* In Alwar spot market in Rajasthan the prices gained 52.15 Rupees to end at 5590 Rupees per 100 kg.

Turmeric
Turmeric yesterday settled down by -3.98% at 8964 as no demand for shipments at current prices of around ₹9,000 and export prospects of turmeric have been affected. However downside seen limited amid fears of lower output. Apart from the quality of new goods being lighter, the percentage of moisture is also coming higher. The arrival of dry goods in the coming days, the quality will also start to improve. The arrival of new goods has started in Telangana and Sangli Mandi in Maharashtra. The arrival of new crop on the Erode line will start in the month of March. But due to less sowing this year, the production is also less likely than last year. During the current week Erode single polished bundle in Erode Mandi was quoted at Rs 6100/6300 with a rise from Rs 5800/6000. In recent sessions, prices were up in the spot due to lack of stock and inward arrivals of new goods in the month of February-March. During the current week, the price of Gatta without polish in Warangal rose by Rs 200 to Rs 5600. While the double polished bundle was strengthened from Rs 6200 to Rs 6400. Further new goods arrived in the turmeric auction held in Sangli Mandi, Maharashtra in the beginning of the week but due to moisture and quality turmeric trade was low. In Nizamabad, a major spot market in AP, the price ended at 8075 Rupees gained 3.55 Rupees. Technically market is under long liquidation as market has witnessed drop in open interest by -2.55% to settled at 8980 while prices down -372 rupees, now Turmeric is getting support at 8778 and below same could see a test of 8592 levels, and resistance is now likely to be seen at 9336, a move above could see prices testing 9708.
Trading Ideas:            
* Turmeric trading range for the day is 8592-9708.
* Turmeric prices dropped as no demand for shipments at current prices of around ₹9,000 and export prospects of turmeric have been affected.
* Apart from the quality of new goods being lighter, the percentage of moisture is also coming higher.
* The arrival of dry goods in the coming days, the quality will also start to improve.
* In Nizamabad, a major spot market in AP, the price ended at 8075 Rupees gained 3.55 Rupees.

Jeera
Jeera yesterday settled down by -1.88% at 13845 as the arrival from the fields has started intensifying and the market is awaiting better quality spices with lower moisture content. In Unjha Mandi, 21,000 bags have come in as compared to 12,500 bags in Rajkot whereas 7,500 bags have arrived in Rajkot as compared to 7,000 bags in the previous session. The Unjha market is receiving nearly 1,000 bags per day from north Gujarat, Saurashtra, and parts of Rajasthan. Jeera production for 2021-22 (marketing period) is estimated at 391,291 MT (around 71 lakh bags each of 55 kg) compared to last year’s 451,451 MT (82 lakh bags). Major export demand coming from UAE and other gulf countries ahead of Ramzan. Domestic demand is also boosted by Ramzan and marriage season. Weather conditions in major producing states have hampered the quality and supply of jeera. On the international front support is also seen as turkey and Syria have reported less production of cumin this season. Production in Syria had dropped around 25-30 percent in 2020 versus the previous year due to political instability that has hampered the farming sector. Cumin production in Turkey was around 15,000 tonne, this year it is estimated to be lower. In Unjha, a key spot market in Gujarat, jeera edged down by -40.6 Rupees to end at 13444.45 Rupees per 100 kg. Technically market is under fresh selling as market has witnessed gain in open interest by 2.95% to settled at 1359 while prices down -265 rupees, now Jeera is getting support at 13685 and below same could see a test of 13525 levels, and resistance is now likely to be seen at 14100, a move above could see prices testing 14355.
Trading Ideas:            
* Jeera trading range for the day is 13525-14355.
* Jeera prices dropped as the arrival from the fields has started intensifying and better quality spices with lower moisture content.
* In Unjha Mandi, 21,000 bags have come in as compared to 12,500 bags
* In Rajkot whereas 7,500 bags have arrived in Rajkot as compared to 7,000 bags in the previous session.
*In Unjha, a key spot market in Gujarat, jeera edged down by -40.6 Rupees to end at 13444.45 Rupees per 100 kg.

Cotton
Cotton yesterday settled down by -0.05% at 22180 as the market is getting cotton supplies from the Cotton Corporation of India. This year the production of cotton is being reported in the country at 360 million bales and till now 270-275 lakh bales are being said to come in, while the arrival is not more than 225 lakh bales. There will be a shortage of raw material cottonseed in the coming time, which does not seem to be a major fall in the prices of cotton seed oil cake. CAI has kept its consumption estimate for the current crop year at 330.00 lakh bale in the previous month. India’s cotton exports to get a boost with global cotton consumption seen going up. In its latest cotton demand and supply estimates for March, the International Cotton Advisory Committee (ICAC) has revised upwards the global consumption projections at 24.5 million tonnes (mt) for 2020-21 against 22.8 mt in the previous year. However, the rise in the global consumption will boost prospects for Indian cotton exports. Cotton Association of India (CAI) had projected India’s cotton exports at 54 lakh bales (each of 170 kg) for the season 2020-21 against 50 lakh bales in the previous year. This, according to trade sources, is likely to further go up by the end of the season in September 2021. In spot market, Cotton dropped by -120 Rupees to end at 22040 Rupees. Technically market is under long liquidation as market has witnessed drop in open interest by -2.71% to settled at 8513 while prices down -10 rupees, now Cotton is getting support at 22060 and below same could see a test of 21930 levels, and resistance is now likely to be seen at 22260, a move above could see prices testing 22330.     
Trading Ideas:            
* Cotton trading range for the day is 21930-22330.
* Cotton settled flat as the market is getting cotton supplies from the Cotton Corporation of India.
* India’s cotton exports to get a boost with global cotton consumption seen going up.
* ICAC has revised upwards the global consumption projections at 24.5 million tonnes (mt) for 2020-21 against 22.8 mt in the previous year.
* In spot market, Cotton dropped  by -120 Rupees to end at 22040 Rupees.

Chana
Chana yesterday settled up by 0.04% at 4989 paring all of its gains after the Indian government today announced import quota of 4 lakh tonnes for urad for 2021-22 as local prices of whole urad (black matpe) have been rising. There are concerns about supplies from Myanmar, main source of urad imports, due to a military coup in that country. The domestic crop of urad was damaged due to erratic rainfall, leading to a gradual rise in urad prices. The Centre is expected to purchase around 600,000 tn chana harvested in 2020-21 (Jul-Jun) under the price support scheme from farmers in Madhya Pradesh. "Initially, the government approved purchase of 600,000 tn chana from farmers in Madhya Pradesh. It may ask to buy more chana on the state government's request". If the government allows higher purchases, overall procurement this season is likely to surpass last year's level of over 700,000 tn. During the current financial year, there are signs of a decline in the import of gram from abroad and some increase in the import of country gram. According to the available data, 60 thousand tonnes of chana were imported in the eight months of April-November 2020, while 55 thousand tonnes are estimated in December 2020 and 21,000 tonnes in January 2021. In Delhi spot market, chana dropped by -35.4 Rupees to end at 4971.35 Rupees per 100 kgs. Technically market is under short covering as market has witnessed drop in open interest by -10.47% to settled at 19660 while prices up 2 rupees, now Chana is getting support at 4945 and below same could see a test of 4900 levels, and resistance is now likely to be seen at 5061, a move above could see prices testing 5132.          
Trading Ideas:            
* Chana trading range for the day is 4900-5132.
* Chana prices pared all of its gains after India allows import of 4 lakh tonnes of urad in 2021-22
* The Ministry of Agriculture approved the purchase of 1,67,000 tonnes of chana in Karnataka
* During the current financial year, there are signs of a decline in the import of gram from abroad and some increase in the import of country gram.
* In Delhi spot market, chana dropped  by -35.4 Rupees to end at 4971.35 Rupees per 100 kgs.

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