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Gold

Gold yesterday settled down by -0.2% at 47404 on elevated U.S. Treasury yields, but there was some support from concerns over persistently higher inflation. U.S. benchmark 10-year yields hit their highest in five months. Two U.S. Federal Reserve officials said that while the central bank should begin winding down its stimulus measures, it was too soon for interest rate hikes. UBS analysts said in a note that rising inflation expectations and softening growth expectations could support gold prices in the next month or two, though it is not indicative of a “regime change” towards stagflation. The bank forecasts gold prices at $1,700/oz at end-March 2022 and $1,600/oz by end-December 2022. The number of Americans filing new claims for unemployment benefits dropped to a 19-month low last week, pointing to a tightening labor market, though a shortage of workers could keep the pace of hiring moderate in October. The weekly unemployment claims report from the Labor Department, the most timely data on the economy’s health, also showed state unemployment rolls shrinking significantly early this month. U.S. home sales surged to an eight-month high September, but higher prices as supply remains tight are squeezing out first-time buyers from the housing market. Technically market is under long liquidation as market has witnessed drop in open interest by -3.44% to settled at 11077 while prices down -95 rupees, now Gold is getting support at 47298 and below same could see a test of 47191 levels, and resistance is now likely to be seen at 47554, a move above could see prices testing 47703.
Trading Ideas:
*Gold trading range for the day is 47191-47703.
*Gold prices dipped slightly on elevated U.S. Treasury yields, but there was some support from concerns over persistently higher inflation.
*Fed's Mester: 3Q GDP will be weaker than the 1H, but we still expect the US GDP to grow 5% to 6% this year.
*Fed's Mester: Inflation readings will come back down next year, if this doesn't happen, we will need to reassess.

Silver

Silver yesterday settled down by -0.91% at 65013 as U.S. benchmark 10-year yields hit their highest in five months after a weak 20-year auction. The dollar inched lower after two U.S. Federal Reserve officials said it was too soon for interest rate hikes. More Chinese officials seeking to reassure investors and homeowners over a debt crisis afflicting the country's property sector. China Evergrande reportedly won a more than three month extension to the maturity of a $260 million bond, a day after a deal to sell a $2.6 billion stake in its property services unit failed. U.S. home sales surged to an eight-month high September, but higher prices as supply remains tight are squeezing out first-time buyers from the housing market. Existing home sales increased by 7.0% - the largest increase in a year - to a seasonally adjusted annual rate of 6.29 million units last month, the highest level since January, the National Association of Realtors said. The number of Americans filing new claims for unemployment benefits dropped to a 19-month low last week, pointing to a tightening labor market, though a shortage of workers could keep the pace of hiring moderate in October. Energy prices are expected to inch up in 2022 after surging more than 80% in 2021, fueling significant near-term risks to global inflation in many developing countries, the World Bank said in its latest Commodity Markets Outlook. Technically market is under fresh selling as market has witnessed gain in open interest by 0.64% to settled at 9305 while prices down -594 rupees, now Silver is getting support at 64649 and below same could see a test of 64285 levels, and resistance is now likely to be seen at 65651, a move above could see prices testing 66289.
Trading Ideas:
*Silver trading range for the day is 64285-66289.
*Silver dropped as U.S. benchmark 10-year yields hit their highest in five months after a weak 20-year auction.
*Two U.S. Federal Reserve officials said it was too soon for interest rate hikes.
*U.S. home sales surged to an eight-month high September, but higher prices as supply remains tight are squeezing out first-time buyers from the housing market

Crude oil

Crude oil yesterday settled down by -1.24% at 6142 amid signs that countries around the world are getting to grips with the shortages that have sent alternative fuel prices skyrocketing in recent weeks. Oil also came under pressure from a drop in coal and natural gas prices after China flagged it might intervene to tame record high coal prices and that it would ensure coal mines operate at full capacity. Kuwait has begun to increase its crude production in accordance with an agreement reached by OPEC+, state news agency KUNA quoted Oil Minister Mohammad al-Fares as saying. U.S. crude and fuel inventories tightened further last week, as supplies of gasoline hit a two-year low and inventories at the largest U.S. commercial storage hub dropped to a three-year low, the Energy Information Administration (EIA) said. Crude inventories fell by 431,000 barrels in the week to Oct. 15 to 426.5 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2.3 million barrels to 31.2 million barrels. That's the lowest level since October 2018, and points to tightness in the market that may take some time to alleviate. The decline in stocks occurred even as refinery crude runs fell by 71,000 barrels per day in the last week. Refinery utilization rates fell by 2 percentage points as those facilities process fewer barrels in the midst of the traditional maintenance season. Technically market is under long liquidation as market has witnessed drop in open interest by -0.42% to settled at 5517 while prices down -77 rupees, now Crude oil is getting support at 6049 and below same could see a test of 5955 levels, and resistance is now likely to be seen at 6254, a move above could see prices testing 6365.
Trading Ideas:
*Crude oil trading range for the day is 5955-6365.
*Crude oil dropped reversing gains on fears that Evergrande's debt troubles and as world bank warns of higher inflation
*Oil also came under pressure from a drop in coal and natural gas prices after China flagged it might intervene to tame record high coal prices
*Kuwait has begun to increase its crude production in accordance with an agreement reached by OPEC+

Nat.Gas

Nat.Gas yesterday settled down by -0.8% at 385 on forecasts for a bit lower demand next week, a slightly bigger-than-expected storage build and an easing of gas prices in Europe. That price decline occurred despite forecasts for cooler weather and higher heating demand this week and record gas prices in Asia that will keep demand for U.S. liquefied natural gas (LNG) exports strong. Even with the cooler forecast, the U.S. weather was still expected to remain milder than normal through early November. The U.S. Energy Information Administration (EIA) said utilities added 92 billion cubic feet (bcf) of gas into storage during the week ended Oct. 15, the sixth week in a row that inventory builds were bigger than usual. Last week's injection boosted stockpiles to 3.461 trillion cubic feet (tcf), which would be 4.2% below the five-year average of 3.612 tcf for this time of year. Data provider Refinitiv said output in the U.S. Lower 48 states has risen to an average of 92.0 billion cubic feet per day (bcfd) so far in October, up from 91.1 bcfd in September. Japanese industry ministry said the nation's liquefied natural gas (LNG) inventory held by major electric utilities stood at around 2.3 million tonnes as of October 15, up 0.7 million tonnes from a year earlier and the highest in the past five years. Technically market is under long liquidation as market has witnessed drop in open interest by -16.19% to settled at 2993 while prices down -3.1 rupees, now Natural gas is getting support at 377.4 and below same could see a test of 369.9 levels, and resistance is now likely to be seen at 390, a move above could see prices testing 395.1.
Trading Ideas:
*Natural gas trading range for the day is 369.9-395.1.
*Natural gas slipped on forecasts for a bit lower demand next week, a slightly bigger-than-expected storage build and an easing of gas prices in Europe.
*EIA said utilities added 92 billion cubic feet (bcf) of gas into storage during the week ended Oct. 15, the sixth week in a row
*Output in the U.S. Lower 48 states has risen to an average of 92.0 billion cubic feet per day (bcfd) so far in October, up from 91.1 bcfd in September.

Copper

Copper yesterday settled down by -3.52% at 765.2 as a short squeeze on the London Metal Exchange (LME) eased and attention refocused on the threat of slowing demand in top consumer China. The premium for quickly delivered cash copper had surged to $1,103– by far the biggest on record – as available stockpiles in LME-registered warehouses shrank to their lowest level in at least two decades. The squeeze pushed the benchmark copper price up 10% last week and to $10,452.50 on Monday, just shy of record highs. On-warrant copper stocks in LME-registered warehouses at 18,250 tonnes remain near multi-decade lows. Yangshan copper import premiums fell to $95 a tonne from $140 on Oct. 12, suggesting weaker Chinese demand for overseas metal. Officials sought to reassure investors that a debt crisis in China's property market won't damage the wider economy. Shandong Fangyuan Nonferrous Metals Group has fired up its 300,000 tonnes per year refined copper production line after a long shutdown. The People’s Bank of China (PBOC) injected a total CNY 100 billion of seven-day reverse repos into the banking system for the second straight day at an interest rate of 2.2 percent on October 21th. The move aims to countering factors including tax payments and government bond issuance in order to keep banking system liquidity reasonably ample, according to a statement on the website of the central bank. Technically market is under long liquidation as market has witnessed drop in open interest by -29.91% to settled at 2278 while prices down -27.95 rupees, now Copper is getting support at 753.2 and below same could see a test of 741.2 levels, and resistance is now likely to be seen at 787, a move above could see prices testing 808.8.
Trading Ideas:
*Copper trading range for the day is 741.2-808.8.
*Copper prices fell as a short squeeze on the LME eased and attention refocused on the threat of slowing demand in top consumer China.
*On-warrant copper stocks in LME-registered warehouses at 18,250 tonnes remain near multi-decade lows.
*PBoC Injects CNY 100 Billion for 2nd Day

Zinc

Zinc yesterday settled down by -5.43% at 285.65 rattled by concerns over tightening regulations on the commodities market in China. U.S. home sales surged to an eight-month high September, but higher prices as supply remains tight are squeezing out first-time buyers from the housing market. Existing home sales increased by 7.0% - the largest increase in a year - to a seasonally adjusted annual rate of 6.29 million units last month, the highest level since January, the National Association of Realtors said. On the macro front, the Federal Reserves issued the so-called Beige Book, which covers the “anecdotal information on current economic conditions”. According to the Book, the US economic activities have been described as “modest to moderate”, and the economic prospect has been cautiously optimistic amid supply chain disruptions and labour shortage caused by the COVID-19 pandemic. The demand was resilient as a whole. On the fundamentals, South Korea’s Young Poong (YP) smelter will be closed from Nov. 8 – 17 as it violates the water environmental protection regulation. The People’s Bank of China (PBOC) injected a total CNY 100 billion of seven-day reverse repos into the banking system for the second straight day at an interest rate of 2.2 percent on October 21th. Technically market is under long liquidation as market has witnessed drop in open interest by -15.77% to settled at 689 while prices down -16.4 rupees, now Zinc is getting support at 277.5 and below same could see a test of 269.3 levels, and resistance is now likely to be seen at 298.8, a move above could see prices testing 311.9.
Trading Ideas:
*Zinc trading range for the day is 269.3-311.9.
*Zinc prices dropped rattled by concerns over tightening regulations on the commodities market in China.
*South Korea’s Young Poong (YP) smelter will be closed from Nov. 8 – 17 as it violates the water environmental protection regulation.
*U.S. existing home sales surge to 8-month high in September

Nickel

Nickel yesterday settled down by -4.11% at 1553.4 amid fresh worries about the weakening Chinese property sector as a possible default by China Evergrande looms within days. Earlier in the day prices in Shanghai jumped to a record high on supply worry amid falling Chinese imports and unfavourable weather in the Philippines potentially hitting output even as it deals with an already tight inventory level. China's imports of nickel ore and nickel pig iron fell 1.6% and 12.3%, respectively, on a monthly basis in September, data released by the customs office showed. Nickel output in the Philippines, the biggest supplier of nickel ore to top metals consumer China, could decline this year due to unfavourable weather. "There is that possibility of decline in output because we experienced a lot of rains this year compared to previous years," said Dante Bravo, president of the Philippine Nickel Industry Association and the country's second-largest ore producer Global Ferronickel Holdings Inc. The country's nickel output in the first half of the year rose 39% from the same period in 2020 to 151,646 tonnes, data from the Mines and Geosciences Bureau showed. Refined nickel inventories in ShFE warehouses have been hovering near a record low for weeks, while LME stocks of the metal were at their lowest since December 2019 of 92,766 tonnes. Technically market is under long liquidation as market has witnessed drop in open interest by -38.39% to settled at 881 while prices down -66.6 rupees, now Nickel is getting support at 1518.4 and below same could see a test of 1483.4 levels, and resistance is now likely to be seen at 1615, a move above could see prices testing 1676.6.
Trading Ideas:
*Nickel trading range for the day is 1483.4-1676.6.
*Nickel prices fell amid fresh worries about the weakening Chinese property sector as a possible default by China Evergrande looms within days.
*China's imports of nickel ore and nickel pig iron fell 1.6% and 12.3%, respectively, on a monthly basis in September
*Bad weather could hit 2021 Philippine nickel output
 

Aluminium

Aluminium yesterday settled down by -5.94% at 232.85 as Chinese authorities took actions to ease an energy crisis that has been behind significant production and supply disruptions. International aluminium prices was close down yesterday as the coal prices plummeted, but the overnight trading recovered some of the losses. On the supply side, places like Xinjiang may experience a new wave of production reduction, leading to a decrease in the aluminium operating capacity. The global energy crisis has also arouse the market concerns over worldwide short supply. Sentiments remain firm as the demand side look impressive, the power rationing has restrained the downstream demand, so the aluminium ingot social inventory has been falling for six weeks in a row. The market shall watch if the sluggish demand will suppress the prices. The aluminium supply is highly likely to shrink in the near future, while the bearish sentiment could hardly find a place in the fundamentals. According to statistics from the General Administration of Customs of China, the country imported around 252,900 tons of unwrought aluminum and aluminum products (including primary aluminum and unwrought aluminum alloy) in September this year, rising by 2.2% compared to the previous month while sliding by nearly 29% from the same month a year ago.China’s aluminum imports in September were supported by strong demand for overseas sources as domestic production was restricted. Technically market is under long liquidation as market has witnessed drop in open interest by -17.81% to settled at 1426 while prices down -14.7 rupees, now Aluminium is getting support at 226.4 and below same could see a test of 219.9 levels, and resistance is now likely to be seen at 245, a move above could see prices testing 257.1.
Trading Ideas:
*Aluminium trading range for the day is 219.9-257.1.
*Aluminum slipped as Chinese authorities took actions to ease an energy crisis that has been behind significant production and supply disruptions.
*On the supply side, places like Xinjiang may experience a new wave of production reduction, leading to a decrease in the aluminium operating capacity.
*China imported around 252,900 tons of unwrought aluminum and aluminum products in September this year, rising by 2.2%

Mentha oil

Mentha oil yesterday settled up by 0.43% at 927.1 on low level buying after prices dropped as demand from consumer side is extremely weak and industrial demand is also not picking up. Prices got support in last few weeks as due to crop failure and low recovery of oil, availability of Mentha oil will be low and demand from industries are expected to improve ahead of winter season. Speculation are also high that production this year will be lower as compare with last year because of two important factors. Major physical market player expects demand to sluggish for next few week as cash crunch seen in spot market, while expectations are high about demand improvement ahead of winter season starts. China is one of the biggest buyer for Indian Mentha, no much buying inquiry from China as mainland China and Hong Kong markets were shut. Speculation are also high that production this year will be lower as compare with last year because of two important factors. Firstly damages due to rain in key area and secondly farmers for the last 2 years where sowing mentha but due to not getting much profit at intervals there had been shift to other crops also. In Sambhal spot market, Mentha oil gained by 3.9 Rupees to end at 1048 Rupees per 360 kgs.Technically market is under short covering as market has witnessed drop in open interest by -9.76% to settled at 777 while prices up 4 rupees, now Mentha oil is getting support at 921.8 and below same could see a test of 916.5 levels, and resistance is now likely to be seen at 930.7, a move above could see prices testing 934.3.
Trading Ideas:
*Mentha oil trading range for the day is 916.5-934.3.
*In Sambhal spot market, Mentha oil gained  by 3.9 Rupees to end at 1048 Rupees per 360 kgs.
*Mentha oil gained on low level buying after prices dropped as demand from consumer side is extremely weak
*Prices got support in last few weeks as due to crop failure and low recovery of oil
*Availability of Mentha oil will be low and demand from industries are expected to improve ahead of winter season.

Soyabean

Soyabean yesterday settled down by -0.73% at 5304 as Soyabean production is estimated to rise by 14 per cent to nearly 119 lakh tonnes this year on higher sowing area and likely improvement in productivity, according to industry body SOPA. In its estimate, Soyabean Processors Association of India (SOPA) said that the total area under soybean for the year 2021 is 119.984 lakh hectares. The government's area estimate is 123.677 lakh hectares. In last year's Kharif (summer sow) season, total soyabean acreage stood at 118.383 lakh hectare. China's soybean imports from Brazil in September fell 18% from a year earlier, customs data showed, as poor crush margins limited demand. The world's top buyer of soybeans brought in 5.936 million tonnes of the oilseed from Brazil last month, versus 7.25 million tonnes in the corresponding year-ago period, data from the General Administration of Customs showed. Crushers stepped up purchases last year from top supplier Brazil as a fast recovering pig herd pushed up demand. But their buying has slowed in recent months, as falling hog prices hit margins. Chinese crushers stepped up purchases of soybeans earlier in the year in anticipation of strong demand from a fast-recovering pig herd. At the Indore spot market in top producer MP, soybean gained 5 Rupees to 5443 Rupees per 100 kgs.Technically market is under fresh selling as market has witnessed gain in open interest by 1.55% to settled at 86870 while prices down -39 rupees, now Soyabean is getting support at 5250 and below same could see a test of 5196 levels, and resistance is now likely to be seen at 5394, a move above could see prices testing 5484.
Trading Ideas:
*Soyabean trading range for the day is 5196-5484.
*Soyabean dropped as Soyabean production is estimated to rise by 14 per cent to nearly 119 lakh tonnes this year
*China's soybean imports from Brazil in September fell 18% from a year earlier, customs data showed, as poor crush margins limited demand.
*Soyabean production is estimated to rise by 14 per cent to nearly 119 lakh tonnes this year
*At the Indore spot market in top producer MP, soybean gained  5 Rupees to 5443 Rupees per 100 kgs.

Ref.Soyaoil

Ref.Soyaoil yesterday settled down by -1.76% at 1258.4 as India slashed its base import tax on crude palm oil, crude soyoil and crude sunflower oil to zero from 2.5%, as the world's biggest vegetable oil buyer tries to cool near-record price rises. The Govt. has decided to impose stock limits on edible oils and oilseeds up to March 31, 2022. This decision has been taken to soften the prices of edible oils in the country and provide relief to consumers. The Ministry said that the stock limits will be decided by the respective state governments depending on local conditions. It has however decided to give exemption to importers and exporters subject to conditions. Oilseeds output is also expected to be down a tad at 23.38 mt as soyabean production was affected by the patchy rains in the key producing States of Gujarat and Madhya Pradesh, respectively. Favorable weather over the weekend boosted U.S. harvest, while exports remain capped by terminals on the U.S. Gulf Coast that continue to struggle with power outages and hurricane-led damage as the country heads into its busiest export season. India's vegetable oil imports are likely to contract for the second straight year, the Solvent Extractors' Association of India (SEA) said. At the Indore spot market in Madhya Pradesh, soyoil was steady at 1315 Rupees per 10 kgs.Technically market is under fresh selling as market has witnessed gain in open interest by 9.5% to settled at 31875 while prices down -22.5 rupees, now Ref.Soya oil is getting support at 1245 and below same could see a test of 1233 levels, and resistance is now likely to be seen at 1278, a move above could see prices testing 1299.
Trading Ideas:
*Ref.Soya oil trading range for the day is 1233-1299.
*Ref soyoil dropped as India slashed its base import tax on crude palm oil, crude soyoil and crude sunflower oil to zero from 2.5%
*Oilseeds output is also expected to be down a tad at 23.38 mt as soyabean production was affected.
* India’s Sept edible oil stocks at ports and pipelines rose 3.24 percent mom: SEA
*At the Indore spot market in Madhya Pradesh, soyoil was steady at 1315 Rupees per 10 kgs.
 

Crude palm Oil

Crude palm Oil yesterday settled down by -1.06% at 1123.7 as exports of Malaysian palm oil products for Oct. 1-20 fell 14.7% from the same week in September, an improvement from an 18% decline seen during Oct. 1-15, according to data from cargo surveyor Intertek Testing Services. The Southern Peninsula Palm Oil Millers' Association (SPPOMA) estimated Oct. 1-15 production declined 0.2% from the month before in some parts of Malaysia. The Indian Vegetable Oils Producers Association says it is seeing early signs of demand shifting from palm oil to soft oils after India's duty cut made soft oil more attractive. Malaysia's crude palm oil production in 2021 is forecast to decline by 700,000 tonnes to 18.4 million tonnes due to a labour shortage and erratic weather conditions, state agency the Malaysian Palm Oil Council (MPOC) said. Neighbouring Indonesia has not faced such labour issues and has expanded its planted area by about 200,000 hectares this year, MPOC chief executive Wan Zawawi Wan Ismail said. Indonesian palm oil exports in 2021 will likely be much lower than previously forecast, at 34.423 million tonnes, the vice chairman of the Indonesia Palm Oil Association (GAPKI) told. In spot market, Crude palm oil gained by 4.6 Rupees to end at 1144.6 Rupees.Technically market is under long liquidation as market has witnessed drop in open interest by -15.95% to settled at 2556 while prices down -12 rupees, now CPO is getting support at 1113 and below same could see a test of 1102.3 levels, and resistance is now likely to be seen at 1140.7, a move above could see prices testing 1157.7.
Trading Ideas:
*CPO trading range for the day is 1102.3-1157.7.
*Crude palm oil dropped Crude palm oil dropped as exports of Malaysian palm oil products for Oct. 1-20 fell 14.7% from the same week in September
*The Southern Peninsula Palm Oil Millers' Association estimated Oct. 1-15 production declined 0.2% from the month before in some parts of Malaysia.
*The Indian Vegetable Oils Producers Association says it is seeing early signs of demand shifting from palm oil to soft oils
*In spot market, Crude palm oil gained  by 4.6 Rupees to end at 1144.6 Rupees.

Turmeric

Turmeric yesterday settled down by -1.26% at 7208 amid prospects of better crop this kharif season along with tepid demand. However downside seen limited following export demand from Europe, Gulf countries and Bangladesh. The areas where turmeric has been sown have received adequate rainfall and are expected to produce well in the next season. Due to favorable weather, production is likely to be higher in 2021-22 (July-June) season. Besides, heavy carryover stocks and slack in bulk demand are keeping prices under pressure. In the first 4 months of FY 2021-22, turmeric exports declined by 26% to 53,000 tonnes as compared to the same period last year, but almost at the same level as the 5-year average. Support is expected on the news that due to June and July floods almost 10% crop washed away so we can see 10-15 % less sowing also farmers had shown interested in other crops as prices where more. Pressure also seen as the lockdown restrictions were eased the key Turmeric growing states, including Maharashtra and Telangana reported noticeable increase in mandi arrivals, which augmented physical market supplies and pressurized prices. In the first 6 months of 2021, turmeric exports declined by 3% to 77,300 tonnes compared to the same period last year, but could be higher in the coming months. In Nizamabad, a major spot market in AP, the price ended at 7078.55 Rupees dropped -62.8 Rupees.Technically market is under fresh selling as market has witnessed gain in open interest by 0.73% to settled at 10350 while prices down -92 rupees, now Turmeric is getting support at 7140 and below same could see a test of 7070 levels, and resistance is now likely to be seen at 7310, a move above could see prices testing 7410.
Trading Ideas:
*Turmeric trading range for the day is 7070-7410.
*Turmeric dropped amid prospects of better crop this kharif season along with tepid demand.
*However downside seen limited following export demand from Europe, Gulf countries and Bangladesh.
* The areas where turmeric has been sown have received adequate rainfall and are expected to produce well in the next season.
* In Nizamabad, a major spot market in AP, the price ended at 7078.55 Rupees dropped -62.8 Rupees.

Jeera

Jeera yesterday settled up by 0.96% at 14715 as the export of cumin is increasing continuously and in the coming days there are signs of increasing the export of cumin in a big way. However upside seen limited as adequate stock with traders and farmers may keeping prices under pressure at higher levels. With the forecast of normal rains in the western region during September to November, the sowing of cumin seeds in Gujarat and Rajasthan may increase. In 2021 (January-June), the country has exported more than 1.50 lakh tonnes of cumin as compared to 1.3 lakh tonnes in the same period last year. Purchase of cumin seeds from African and Middle East countries will be diverted from other countries to India this year. Recent estimates state that cumin production has slumped by 60% in Iran’s Razavi Khorasan Province due to severe drought and unusually cold weather coupled with an early spring. Rainfall ranges 63% lower than last year this season so far. Temperatures ranged 3.1-0.4C (37.58-32.72F) lower between October 2020 and April 2021 than in the same period in 2019/2020 according to official statistics. Extensive crop losses seen, the early onset of spring in February also caused serious damage to production. In Unjha, a key spot market in Gujarat, jeera edged up by 59.3 Rupees to end at 14414.3 Rupees per 100 kg.Technically market is under short covering as market has witnessed drop in open interest by -1.03% to settled at 6348 while prices up 140 rupees, now Jeera is getting support at 14610 and below same could see a test of 14505 levels, and resistance is now likely to be seen at 14785, a move above could see prices testing 14855.
Trading Ideas:
* Jeera trading range for the day is 14505-14855.
* Jeera gained as the export of cumin is increasing continuously and in the coming days there are signs of increasing the export
* However upside seen limited as adequate stock with traders and farmers may keeping prices under pressure at higher levels.
* India's cumin exports will increase due to less supply from Afghanistan-Syrian
* In Unjha, a key spot market in Gujarat, jeera edged up by 59.3 Rupees to end at 14414.3 Rupees per 100 kg.
 

Cotton

Cotton yesterday settled up by 0.22% at 31310 as Cotton Association of India (CAI), a body of traders, has reduced its estimate of the cotton crop last season (October 2020- September 2021) to 353 lakh bales (each 170 kg) from its previous estimate of 354.5 lakh bales. The final estimate is about 7 lakh bales lower than the 360 lakh bales of crop estimated initially. The total cotton availability for the year is estimated at 488 lakh bales, including an opening stock of 125 lakh bales and import of 10 lakh bales besides the 353 lakh bales of crop. As per the CAI’s cotton balance-sheet for the year, the closing stock is estimated to be 75 lakh bales, which is lower than last year’s estimated 107.5 lakh bales of carryover stock. CAI has increased its cotton consumption estimate for the year by 5 lakh bales to 335 lakh bales from last year’s estimated consumption of 250 lakh bales, showing an increase of 34 per cent over last year. The U.S. Department of Agriculture's (USDA) latest weekly export sales report showed a 41% drop from the previous week in net sales for 2021/2022. In spot market, Cotton gained by 140 Rupees to end at 29650 Rupees.Technically market is under short covering as market has witnessed drop in open interest by -7.99% to settled at 1658 while prices up 70 rupees, now Cotton is getting support at 30920 and below same could see a test of 30530 levels, and resistance is now likely to be seen at 31830, a move above could see prices testing 32350.
Trading Ideas:
* Cotton trading range for the day is 30530-32350.
* Cotton gained as Cotton trade body trims 2020-21 crop estimate to 353 lakh bales
* CAI has increased its cotton consumption estimate for the year by 5 lakh bales to 335 lakh bales
* USDA latest weekly export sales report showed a 41% drop from the previous week in net sales for 2021/2022.
* In spot market, Cotton gained  by 140 Rupees to end at 29650 Rupees.

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