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Gold

Gold yesterday settled up by 0.33% at 47751 after an unexpected drop in U.S. jobs growth in April hastened a retreat in the dollar and U.S. Treasury yields. U.S. nonfarm payrolls rose by only 266,000 jobs last month, falling short of expectations, with employers likely frustrated by labor shortages as the economy reopens. U.S. employers hired far fewer workers than expected in April, likely frustrated by labor shortages, leaving them scrambling to met booming demand as the economy reopens amid rapidly improving public health and massive financial help from the government. Nonfarm payrolls increased by only 266,000 jobs last month after rising by 770,000 in March, the Labor Department said in its closely watched employment report. The jobs report, the first since the White House's $1.9 trillion COVID-19 pandemic rescue package was approved in March, will probably do little to change expectations that the economy entered the second quarter with strong momentum and was on track for its best performance this year in almost four decades. The dollar index extended declines post the data, while benchmark U.S. Treasury yields also retreated, translating into lower opportunity cost of holding the non-interest bearing bullion. Russia produced 58.02 tonnes of gold in the first quarter, down from 60.82 tonnes in the same period in 2020, the finance ministry said. Technically market is under short covering as market has witnessed drop in open interest by -5.1% to settled at 9761 while prices up 156 rupees, now Gold is getting support at 47498 and below same could see a test of 47244 levels, and resistance is now likely to be seen at 48028, a move above could see prices testing 48304.
Trading Ideas:
* Gold trading range for the day is 47244-48304.
* Gold extended its rally after an unexpected drop in U.S. jobs growth in April hastened a retreat in the dollar and U.S. Treasury yields.
* U.S. jobs growth slows sharply in April amid labor shortages
* Physical demand wanes in India due to pandemic

Silver

Silver yesterday settled down by -0.35% at 71429 on profit booking after prices gained as the dollar weakened after data showed a smaller than expected addition in non-farm jobs in April. Data from the Labor Department showed non-farm payroll employment in the U.S. increased by far less than expected in the month of April, rising by 266,000 jobs, after surging by a downwardly revised 770,000 jobs in March. The report also showed the unemployment rate inched up to 6.1% in April from 6% in March. The Commerce Department released a report showing wholesale inventories in the U.S. jumped by slightly less than anticipated in the month of March. Inflation will be temporarily distorted this spring as the U.S. economy works through imbalances caused by the pandemic but the pressures should be short-lived and should not lead to a pullback in monetary policy, Boston Federal Reserve Bank President Eric Rosengren said. "Despite the ebbs and flows of the data, inflation is expected to remain close to 2 percent over the forecast horizon," Rosengren said in remarks prepared for a virtual event organized by Boston College. "This does seem to me to be the most likely outcome, which should allow monetary policymakers to be patient in removing accommodation, until more progress in the labor market has occurred." Technically market is under long liquidation as market has witnessed drop in open interest by -7.63% to settled at 9957 while prices down -252 rupees, now Silver is getting support at 70831 and below same could see a test of 70232 levels, and resistance is now likely to be seen at 72130, a move above could see prices testing 72830.
Trading Ideas:
* Silver trading range for the day is 70232-72830.
* Silver dropped on profit booking after prices gained as the dollar weakened after data showed a smaller than expected addition in non-farm jobs in April.
* Data from the Labor Department showed non-farm payroll employment in the U.S. increased by far less than expected in the month of April, rising by 266,000 jobs
* The Commerce Department released a report showing wholesale inventories in the U.S. jumped by slightly less than anticipated in the month of March.

Crude oil

Crude oil yesterday settled down by -0.56% at 4763 after OPEC and its allies have overproduced their quotas by a cumulative 3.316 million b/d through the end of March, with Russia and Iraq the most egregious offenders. Under the terms of the OPEC+ agreement, each country must compensate for any excess production with cuts of equivalent volume below its quota by the end of September. The extra cuts, if fulfilled, could go a long way towards speeding the market’s rebalancing, or provide the OPEC + alliance some breathing room to relax quotas for the rest of its members, though the figures show scant progress has been made on this compensation over the past few months. In fact, the overproduction has worsened, rising from 3.027 million b/d in February and 2.793 million b/d in January, the data shows. OPEC oil output has risen in April as higher supply from Iran countered involuntary cuts and agreed reductions by other members under a pact with allies, adding to signs of a 2021 recovery in Tehran's exports. In China, data showed export growth accelerated unexpectedly in April while a private survey pointed to strong expansion in service sector activity. However, crude imports by the world's biggest buyer fell 0.2% in April from a year earlier to 40.36 million tonnes, or 9.82 million barrels per day (bpd), the lowest since December. Technically market is under fresh selling as market has witnessed gain in open interest by 0.72% to settled at 5196 while prices down -27 rupees, now Crude oil is getting support at 4703 and below same could see a test of 4643 levels, and resistance is now likely to be seen at 4817, a move above could see prices testing 4871.
Trading Ideas:
* Crude oil trading range for the day is 4643-4871.
* Crude oil prices dropped after OPEC and its allies have overproduced their quotas by a cumulative 3.316 million b/d through the end of March.
* China’s crude imports fell 0.2% in April from a year earlier to 40.36 million tonnes, or 9.82 million barrels per day
* Russia increased its oil production in April to almost 10.5 million barrels a day.

Nat.Gas

Nat.Gas yesterday settled up by 0.65% at 217 on forecasts for cooler weather and higher heating demand next week than previously expected. That lack of price movement came despite forecasts for milder weather in mid May, a small decline in exports and an even smaller increase in output so far this month. Data provider Refinitiv said gas output in the Lower 48 U.S. states averaged 90.8 billion cubic feet per day (bcfd) so far in May, up from 90.6 bcfd in April, but well below November 2019's monthly record of 95.4 bcfd. Refinitiv projected average gas demand, including exports, would rise from 87.2 bcfd this week to 88.1 bcfd next week as temperatures decline before falling to 84.7 bcfd as the weather turns milder. The forecast for next week was higher than Refinitiv estimated on Thursday. The amount of gas flowing to U.S. LNG export plants averaged 11.4 bcfd so far in May, down from April's monthly record of 11.5 bcfd. Buyers around the world continue to purchase near-record amounts of U.S. gas because prices in Europe and Asia remain high enough to justify the cost of buying and transporting the U.S. fuel across the ocean. The number of rigs drilling for natural gas in the United States rose by 7 this week to 103, data from oil services firm Baker Hughes showed. Technically market is under fresh buying as market has witnessed gain in open interest by 3.77% to settled at 17188 while prices up 1.4 rupees, now Natural gas is getting support at 213.9 and below same could see a test of 210.8 levels, and resistance is now likely to be seen at 219.6, a move above could see prices testing 222.2.
Trading Ideas:
* Natural gas trading range for the day is 210.8-222.2.
* Natural gas rose on forecasts for cooler weather and higher heating demand next week than previously expected.
* US natgas rig count rose 7 at 103 – Baker Hughes
* The U.S. Energy Information Administration said U.S. utilities added 60 billion cubic feet (bcf) of gas into storage during the week ended April 30.

Copper


Copper yesterday settled up by 2.15% at 787.25 boosted by tight supply outlook and hopes for strong demand in the new energy sectors, as major economies recover from the COVID-19 pandemic. China's copper imports in April fell from the previous month, customs data showed, as a rally in prices for the metal to the highest levels in a decade made purchases less appealing. Arrivals of unwrought copper and products into China, the world's biggest copper consumer, totalled 484,890 tonnes last month, the General Administration of Customs said. That was down 12.2% from 552,317 tonnes in March and up 5.1% from April 2020. Imports sank to a 13-month low in February after rough sea conditions hampered shipments from ports in top producer Chile at the start of the year but they rebounded by almost 35% in March as the situation improved. April imports of copper concentrate, or partially processed copper ore, totalled 1.921 million tonnes, down from March's record 2.171 million tonnes, and down 5.3% from 2.029 million tonnes in April 2020. Chile's lower house of Congress approved a bill that would sharply hike taxes on the country's copper industry, raising fears from miners that it could chill investment in the world's biggest producer of the metal and drag on global supply. Technically market is under fresh buying as market has witnessed gain in open interest by 1.8% to settled at 4749 while prices up 16.6 rupees, now Copper is getting support at 777.6 and below same could see a test of 767.8 levels, and resistance is now likely to be seen at 792.6, a move above could see prices testing 797.8.
Trading Ideas:
* Copper trading range for the day is 767.8-797.8.
* Copper prices gained boosted by tight supply outlook and hopes for strong demand in the new energy sectors, as major economies recover from the COVID-19 pandemic
* China's copper imports in April fell from the previous month, customs data showed
* China unwrought copper, products imports at 484,890 T in April

Zinc

Zinc yesterday settled up by 2.04% at 237.25 amid positive US jobless data and domestic trade data. However, zinc ingot supply is expected to increase in May as profits expanded, and high zinc prices also depressed consumption. China's exports growth unexpectedly picked up in April, official data showed, as the world's second-largest economy extended its recovery from the COVID-19 pandemic. Exports in dollar terms surged 32.3% from a year earlier to $263.92 billion, according to China's General Administration of Customs, beating analysts' forecast of 24.1% and the 30.6% growth reported in March. Imports rose 43.1% from a year earlier, the fastest gain since January 2011 and picking up from the 38.1% growth in March. The data comes amid warnings from some analysts that China's gross domestic product growth could slow from the record 18.3% expansion in the January-March quarter as the COVID-19 pandemic continues to disrupt global logistics chains, slowing movement of goods and driving up shipment costs. A persistent shortage of semiconductors needed for a wide range of products including consumer electronics and cars is also starting to hurt manufacturers, weighing on production. China's official manufacturing purchasing managers' index last week showed factory activity growth slowed in April from a month earlier, partly due to a softening in overseas demand. Technically market is under fresh buying as market has witnessed gain in open interest by 19.49% to settled at 2268 while prices up 4.75 rupees, now Zinc is getting support at 234.3 and below same could see a test of 231.3 levels, and resistance is now likely to be seen at 238.9, a move above could see prices testing 240.5.
Trading Ideas:
* Zinc trading range for the day is 231.3-240.5.
* Zinc prices gained amid positive US jobless data and domestic trade data.
* However, zinc ingot supply is expected to increase in May as profits expanded, and high zinc prices also depressed consumption.
* China's export growth unexpectedly speeds up in April


Nickel

Nickel yesterday settled up by 0.53% at 1334.4 as support seen after the services sector in China continued to expand in April, and at a faster pace, the latest survey from Caixin with a services PMI score of 56.3. That's up from 54.3 in March, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. The faster upturn in business activity was linked to the successful containment of COVID-19 and a further improvement in demand conditions. Total new orders expanded at the fastest rate since last November and sharply overall. The steeper rise in sales was also supported by a renewed upturn in export work. New business from abroad rose solidly overall, after a two-month period of decline. The number of initial jobless claims in the United States last week stood at 498,000, which dropped to a new low during the pandemic period, indicating that the labor market was recovering steadily. The Bank of England kept its monetary policy unchanged during its May 2021 meeting, and announced a slowdown in the pace of purchases of British government bonds to £3.4 billion per week, from £4.4 billion previously, signaling it is on course to end emergency support later this year. Technically market is under fresh buying as market has witnessed gain in open interest by 3.3% to settled at 1596 while prices up 7 rupees, now Nickel is getting support at 1324.4 and below same could see a test of 1314.3 levels, and resistance is now likely to be seen at 1341.8, a move above could see prices testing 1349.1.
Trading Ideas:
* Nickel trading range for the day is 1314.3-1349.1.
* Nickel prices gained as support seen after China services PMI climbs to 56.3 in April
* The faster upturn in business activity was linked to the successful containment of COVID-19 and a further improvement in demand conditions.
* The number of initial jobless claims in the United States last week stood at 498,000, which dropped to a new low during the pandemic period

Aluminium

Aluminium yesterday settled up by 0.48% at 200.75 as rising tensions between China, the biggest producer, and Australia, a major supplier of raw materials, added momentum to its rally. Prices have rocketed almost 25% this year as commodities and equities markets surged and investors anticipate that a crackdown on polluting smelters in China will constrain supply. Adding impetus was China saying it would "indefinitely" suspend all activity under a China-Australia Strategic Economic Dialogue, deepening a crisis in relations. Cash aluminium on the LME has flipped to a $5 premium versus the three-month contract from a $35 discount in mid-March, suggesting there is less quickly deliverable metal available. UK aluminium scrap prices have continued to rise on a strong London Metal Exchange price and a lack of supply in the region, squeezing secondary aluminium margins further. Global primary aluminium output rose to 5.725 million tonnes in March from revised 5.187 million tonnes in February, data from the International Aluminium Institute (IAI) showed. China's exports of unwrought aluminium and aluminium products were 437,285 tonnes in April, customs said. That was down 1.4% from 443,483.7 tonnes in March, as Shanghai aluminium prices at decade highs discouraged overseas consumers from buying expensive Chinese metal. Technically market is under short covering as market has witnessed drop in open interest by -3.64% to settled at 1853 while prices up 0.95 rupees, now Aluminium is getting support at 199.5 and below same could see a test of 198.1 levels, and resistance is now likely to be seen at 202.3, a move above could see prices testing 203.7.
Trading Ideas:
* Aluminium trading range for the day is 198.1-203.7.
* Aluminium gained as rising tensions between China and Australia, a major supplier of raw materials, added momentum to its rally
* China's exports of unwrought aluminium and aluminium products were 437,285 tonnes in April, customs said.
* UK aluminium scrap prices have continued to rise on a strong LME price and a lack of supply in the region, squeezing secondary aluminium margins further

Mentha oil

Mentha oil yesterday settled up by 0.17% at 975.7 on low level buying after prices dropped amid worries of lockdown it is anticipated that there will be slow supply and same with demand in domestic as well as in the international market. Due to favourable wheather condition,the production of mentha in the states has improved and is at much better terms compare to last year. Sowing data is adequate and it is expected that Mentha can hit the market by 15th of June. Mentha has high demand in the production of cosmetics and confectionery goods but as it is not considered as necessity in present scenerio it is not much in demand. 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. In India, mentha is grown on 3,27,000-3,34,000 hectares, producing about 33,000-35,000 tonnes, accounting for 80 per cent share globally. With the boom in demand for oil and its derivatives in export markets, mentha production continued to rise until 2010. However, with the entry of synthetic menthol, the demand, price and production of mentha were hit. In Sambhal spot market, Mentha oil dropped by -20.3 Rupees to end at 1058.9 Rupees per 360 kgs.Technically market is under short covering as market has witnessed remain unchanged in open interest by 0% to settled at 20 while prices up 1.7 rupees, now Mentha oil is getting support at 973.3 and below same could see a test of 970.9 levels, and resistance is now likely to be seen at 978, a move above could see prices testing 980.3.
Trading Ideas:
* Mentha oil trading range for the day is 970.9-980.3.
* In Sambhal spot market, Mentha oil dropped  by -20.3 Rupees to end at 1058.9 Rupees per 360 kgs.
* Mentha oil gained  on low level buying after prices dropped amid worries of lockdown there will be slow demand
* Due to favourable wheather condition,the production of mentha in the states has improved and is at much better terms compare to last year.
* The COVID-19 outbreak has had a huge impact on the worldwide economy, and has posed a similar influence on the aroma chemicals market.

Soyabean

Soyabean yesterday settled up by 0.61% at 7409 as the markets focused on global supply concern. Madhya Pradesh, which had imposed restrictions on the sale of soyabean seeds outside the state, has revoked its order following protests by the Maharashtra government. After Madhya Pradesh, Maharashtra is the biggest soyabean producing state in the country with farmers growing the oilseed in over 35-40 lakh hectares yearly. China's soybean imports in April rose 11% from the same month a year earlier, boosted by the arrival of some delayed cargoes, customs data showed. China, the world's top importer of soybeans, brought in 7.45 million tonnes of the oilseed in April, up from 6.714 million tonnes a year earlier, according to General Administration of Customs data. Chinese crushers have stepped up purchases of soybeans from top exporters Brazil and the United States in the early months of 2021, expecting higher demand as the country's pig herd recovers. European Union soybean imports in the 2020/21 season that started last July had reached 12.34 million tonnes by May 2, data published by the European Commission showed. Since Jan. 1, the European Commission's data has covered the EU's 27 countries only, whereas previous figures up to Dec. 31 covered both the EU-27 and Britain. At the Indore spot market in top producer MP, soybean gained 21 Rupees to 7779 Rupees per 100 kgs.Technically market is under fresh buying as market has witnessed gain in open interest by 1.96% to settled at 43865 while prices up 45 rupees, now Soyabean is getting support at 7299 and below same could see a test of 7190 levels, and resistance is now likely to be seen at 7503, a move above could see prices testing 7598.
Trading Ideas:
* Soyabean trading range for the day is 7190-7598.
* Soyabean prices gained as the markets focused on global supply concern.
* China's April soybean imports climb 11% on year as delayed cargoes arrive
* European Union soybean imports in the 2020/21 season that started last July had reached 12.34 million tonnes.
* At the Indore spot market in top producer MP, soybean gained  21 Rupees to 7779 Rupees per 100 kgs.

Ref.Soyaoil

Ref.Soyaoil yesterday settled up by 1.12% at 1422.4 amid worries about global edible oils supply. However upside seen limited after reports that summer oilseed crop sowing progress is very good as on date. There is no impact of COVID-19 pandemic situation on progress of area coverage under summer crops in the country. Oilseeds 10.45 lakh ha area against 9.03 lakh ha area of last year, thus increase in area coverage by 1.41 lakh ha. Total vegetable oil imports rose marginally to 9,80,243 tonne in March 2021, compared to 9,55,422 tonne in the year-ago period. Support also seen due to low stocks, a slow recovery in output and higher global use in biofuel production. Prices rallied in recent session tracking rise in soyabean prices after the U.S. Department of Agriculture's plantings forecast for 2021 fell below most trade expectations. Export of oilmeals jumped 205% year-on-year in February to 393,309 tonne, compared with 128,761 tonne, according to data compiled by the Solvent Extractors’ Association of India (SEA). The overall export of oilmeals during April 2020 to February 2021 recovered sharply and stood at 3,358,649 tonne provisionally, against 2,256,614 tonne during the same period of the previous year, up by 49%, according to the association. At the Indore spot market in Madhya Pradesh, soyoil was steady at 1475.2 Rupees per 10 kgs.Technically market is under fresh buying as market has witnessed gain in open interest by 18.29% to settled at 18560 while prices up 15.8 rupees, now Ref.Soya oil is getting support at 1412 and below same could see a test of 1401 levels, and resistance is now likely to be seen at 1431, a move above could see prices testing 1439.
Trading Ideas:
* Ref.Soya oil trading range for the day is 1401-1439.
* Refsoyoil prices gained amid worries about global edible oils supply.
* However upside seen limited after reports that summer oilseed crop sowing progress is very good as on date.
* There is no impact of COVID-19 pandemic situation on progress of area coverage under summer crops in the country.
* At the Indore spot market in Madhya Pradesh, soyoil was steady at 1475.2 Rupees per 10 kgs.

Crude palm Oil

Crude palm Oil yesterday settled up by 1.23% at 1229.7 as tightening global edible oil supplies buoyed agricultural markets. Malaysia's palm oil stockpile in April likely inched lower despite production rising to a six-month high, hampered by robust exports and plummeting imports. Inventories were seen declining 0.27% from the month before to 1.44 million tonnes. Output in the world's second-largest producer likely jumped 8.9% from March to 1.55 million tonnes, marking a second straight month of gain and hitting its highest since October. Exports likely rose 10% to 1.3 million tonnes, while imports were seen down 21.4% to 108,000 tonnes. Coronavirus infections in India, the world's biggest palm oil importer, surged past 20 million on Tuesday, raising demand concerns. Indonesia's palm oil output is expected to jump 7.1% to 55.69 million tonnes in 2021, on a forecast for more conducive weather conditions, a researcher at the state-owned Indonesia Oil Palm Research Institute (IOPRI) said. Indonesia's weather agency has predicted a delayed arrival of the dry season this year with a La Nina weather system seen lasting until May in most parts of the country, with a risk of extreme wet weather in some regions. Crude palm oil output is estimated at 48.4 million tonnes while crude palm kernel oil (CPKO) 7.29 million tonnes this year. In spot market, Crude palm oil dropped by -1.1 Rupees to end at 1247.3 Rupees.Technically market is under short covering as market has witnessed drop in open interest by -2.19% to settled at 4825 while prices up 15 rupees, now CPO is getting support at 1220 and below same could see a test of 1210.3 levels, and resistance is now likely to be seen at 1235.7, a move above could see prices testing 1241.7.
Trading Ideas:
* CPO trading range for the day is 1210.3-1241.7.
* Crude palm oil prices gained as tightening global edible oil supplies buoyed agricultural markets.
* April stocks seen down 0.27% m/m at 1.44 mln T
* Exports seen up 10% at 1.3 mln T
* In spot market, Crude palm oil dropped  by -1.1 Rupees to end at 1247.3 Rupees.

Mustard Seed

Mustard Seed yesterday settled up by 1.79% at 7341 as crushing as increased due to rise in mustard oil demand. A total of 1.2 million tonnes of mustard crushing occurred in the country in March 2021 compared to 5.50 lakh tonnes in the month of February. Whereas, the stock of mustard with farmers is estimated to be 62.50 lakh tonnes and processors and stockists have a stock of six lakh tonnes of mustard. The arrival of mustard in February was 4.50 lakh tonne while in March it reached 17.7 million tonne. India mustard output this year is projected at 104.27 lakh tonnes. However, the Central Organisation for Oil Industry and Trade (COOIT) and the Mustard Oil Producers' Association (MOPA) have estimated the production at 89.50 lakh tonnes. As per USDA, World Mustard seed production is estimated to remain steady at 689 lakh tonnes in 2020-21. The beginning stock estimated to fall by 25% y-o-y, taking the total supply to decline by 2% to 923 lakh tonnes as compared to 944 lakh tonnes recorded in the last year. Total consumption and ending stocks are also estimated to be lower by 1% and 29% respectively. World export is also estimated to increase by 5% to 162 lakh tonnes as compared to 155 lakh tonnes last year. In Alwar spot market in Rajasthan the prices gained 105 Rupees to end at 7325 Rupees per 100 kg.Technically market is under fresh buying as market has witnessed gain in open interest by 9.74% to settled at 61990 while prices up 129 rupees, now Rmseed is getting support at 7241 and below same could see a test of 7140 levels, and resistance is now likely to be seen at 7404, a move above could see prices testing 7466.
Trading Ideas:
* Rmseed trading range for the day is 7140-7466.
* Mustard seed prices gained as crushing as increased due to rise in mustard oil demand.
* A total of 1.2 million tonnes of mustard crushing occurred compared to 5.50 lakh tonnes.
* The stock of mustard with farmers is estimated to be 62.50 lakh tonnes and processors and stockists have a stock of six lakh tonnes of mustard.
* In Alwar spot market in Rajasthan the prices gained 105 Rupees to end at 7325 Rupees per 100 kg.


Turmeric

Turmeric yesterday settled down by -2.29% at 7678 on profit booking as pressure seen after prices dropped across various agricultural produce marketing committee (APMC) yards in the country mainly on account of slack demand. Turmeric prices are down as there is no demand because traders fear a fresh lockdown due to rise in Covid-19 cases could result in stockists’ purchases dropping. Prices have declined by about ₹1,000 a quintal at various APMCs in Tamil Nadu, Karnataka and Maharashtra. Prices in Tamil Nadu and Maharashtra have slid to below ₹7,400 from about ₹8,400 at the start of the month. Arrivals are good but there is no demand particularly from stockists. Turmeric goes to Gujarat, particularly to cities such as Bhavnagar, Jamnagar and Ahmedabad. But purchases from stockists have slowed down since they fear grocery stores will shut due to lockdown. According to the Spices Board of India, turmeric exports increased 34 per cent in volume during the April-December period of the last fiscal to 1.39 lakh tonnes (1.03 lakh tonnes). The value of shipments increased 19 per cent to ₹2,461 crore during the period. According to the first advance estimates of horticultural crop for the current season to June, turmeric production is projected to be lower at 11.06 lakh tonnes (lt) against 11.53 lt last year. In Nizamabad, a major spot market in AP, the price ended at 7600 Rupees dropped -73.55 Rupees.Technically market is under fresh selling as market has witnessed gain in open interest by 12.11% to settled at 6990 while prices down -180 rupees, now Turmeric is getting support at 7568 and below same could see a test of 7460 levels, and resistance is now likely to be seen at 7832, a move above could see prices testing 7988.
Trading Ideas:
* Turmeric trading range for the day is 7460-7988.
* Turmeric dropped on profit booking as pressure seen after prices dropped across various APMC yards in the country
* Turmeric prices are down as there is no demand because traders fear a fresh lockdown due to rise in Covid-19 cases could result in stockists’ purchases dropping
* turmeric production is projected to be lower at 11.06 lakh tonnes (lt) against 11.53 lt last year.
* In Nizamabad, a major spot market in AP, the price ended at 7600 Rupees dropped -73.55 Rupees.

Jeera

Jeera yesterday settled down by -0.5% at 13995 as lockdown restrictions increased against rising Covid cases, slowing spot trade interest weakened market sentiments and pushed prices lower. The wholesale offers for the NCDEX grade Jeera are currently offered around Rs.14000/qtl in Unjha and in Jodhpur, the mandi offers average near Rs.13900/qtl. Over a month, the wholesale prices in Unjha and Jodhpur have gone down by Rs.400/qtl and Rs.700/qtl respectively. As India struggles against curbing the Corona pandemic, exports markets have turned subdued. The importers prefer to wait for the situation to normalize before negotiating for fresh deals. They rather prefer to clear their older stocks first and presently they feel that the older inventory may be sufficient to balance the existing demand for next few weeks easily. The new season arrivals shall continue with good numbers hence there will be ample availability in the market. However from a broader perspective, India’s exports outlook has brightened while crop is expected to be lower versus year on year. Also, the nearest export competitors i.e. Turkey and Syria may not supply much to the world due to lower exportable surplus. In Unjha, a key spot market in Gujarat, jeera edged down by -21.9 Rupees to end at 14054.55 Rupees per 100 kg.Technically market is under fresh selling as market has witnessed gain in open interest by 12.01% to settled at 3720 while prices down -70 rupees, now Jeera is getting support at 13850 and below same could see a test of 13710 levels, and resistance is now likely to be seen at 14085, a move above could see prices testing 14180.
Trading Ideas:
* Jeera trading range for the day is 13710-14180.
* Jeera prices dropped as lockdown restrictions increased against rising Covid cases, slowing spot trade interest weakened market sentiments
* As India struggles against curbing the Corona pandemic, exports markets have turned subdued.
* The new season arrivals shall continue with good numbers hence there will be ample availability in the market.
* In Unjha, a key spot market in Gujarat, jeera edged down by -21.9 Rupees to end at 14054.55 Rupees per 100 kg.

Cotton

Cotton yesterday settled down by -0.14% at 21820 tracking weakness in overseas prices amid chances of some rain in parts of Texas, but persistent concerns over supply kept prices on track for a weekly gain. The U.S. Department of Agriculture's weekly export sales report showed net sales of 63,700 running bales for 2020/2021, down 17% from the previous week and 56% from the prior 4-week average. Post forecasts India's MY 2021/22 cotton production will increase by four percent to 29.5 million 480 lb. bales on a reduced area of 12.9 million hectares. Yields are expected to improve by five percent based on the expectation of a normal monsoon forecast by the Indian Meteorological Department. In April, cotton fiber and yarn prices decreased due to a surge in COVID-19 cases, which has led to a slowdown in the production and consumption of textile products. Domestic retail demand remains severely hampered by the pandemic; however, exports of cotton and cotton products are rising, providing the best chance of recovery in the sector. The Committee on Cotton Production and Consumption expects production during the current season (October 2020 to September 2021) to be at 360 lakh bales, slightly lower than the 2019-2020 estimate of 365 lakh bales. In spot market, Cotton gained by 60 Rupees to end at 22150 Rupees.Technically market is under long liquidation as market has witnessed drop in open interest by -9.38% to settled at 7253 while prices down -30 rupees, now Cotton is getting support at 21740 and below same could see a test of 21670 levels, and resistance is now likely to be seen at 21950, a move above could see prices testing 22090.
Trading Ideas:
* Cotton trading range for the day is 21670-22090.
* Cotton pared gains tracking weakness in overseas prices amid chances of some rain in parts of Texas
* USDA’s weekly export sales report showed net sales of 63,700 running bales for 2020/2021, down 17% from the previous week
* India's MY 2021/22 cotton production will increase by four percent to 29.5 million 480 lb. bales on a reduced area of 12.9 million hectares.
* In spot market, Cotton gained  by 60 Rupees to end at 22150 Rupees.

Chana

Chana yesterday settled down by -0.88% at 5416 on profit booking ahead of sowing report which can report higher sowing under Pulses area compare with last year. Total summer crops have been sown on 73.76 lakh ha area against 60.67 lakh ha during the corresponding period of last year, thus increase in total summer area coverage by 13.09 lakh ha compared to corresponding period of last year in the country. Sowing reported under Pulses 12.75 lakh ha against 6.45 lakh ha area of last year i.e. increase in area coverage by 6.30 lakh ha. Pressure also seen as demand gets affected amid rise in Covid cases after prices gained in recent session due to expectation of better demand during the upcoming festival season. In addition, the government has initiated procurement at the minimum support price in major markets. Government agency Nafed has purchased 1.52 lakh tonnes of gram in Andhra Pradesh, Maharashtra, Madhya Pradesh, Telangana, Karnataka and Gujarat. According to the second advance estimate of the Ministry of Agriculture, a record 116 million tonnes of gram production is expected in the 2020-21 season. As per Ministry of Agriculture data, chana sowing in this Rabi season crossed 112 lakh ha, which is up by about five per cent from same period last year. In Delhi spot market, chana dropped by -31.95 Rupees to end at 5418.05 Rupees per 100 kgs.Technically market is under fresh selling as market has witnessed gain in open interest by 5.06% to settled at 120230 while prices down -48 rupees, now Chana is getting support at 5362 and below same could see a test of 5308 levels, and resistance is now likely to be seen at 5484, a move above could see prices testing 5552.
Trading Ideas:
* Chana trading range for the day is 5308-5552.
* Chana dropped on profit booking ahead of sowing report which can report higher sowing under Pulses area compare with last year.
* Sowing reported under Pulses 12.75 lakh ha against 6.45 lakh ha area of last year i.e. increase in area coverage by 6.30 lakh ha
* According to the second advance estimate of the Ministry of Agriculture, a record 116 million tonnes of gram production is expected in the 2020-21 season.
* In Delhi spot market, chana dropped  by -31.95 Rupees to end at 5418.05 Rupees per 100 kgs.

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