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Gold

Gold yesterday settled down by -0.96% at 46555 as the dollar rose as hawkish remarks from some Fed officials supported prospects of a tightening of monetary policy sooner rather later. Richmond Fed President Thomas Barkin said that the central bank has made "substantial further progress" toward its inflation goal so as to begin the withdrawal of stimulus. Barkin added that he would decide next year whether the U.S. central bank had reached its inflation and employment goals to justify a rate hike. Several Fed policy makers have turned hawkish recently despite a weaker-than-expected U.S. inflation reading last week. While U.S. Treasury yields held steady at the lower end of their recent range, the dollar hovered below a two-month high against its rivals amid concerns over the imposition of tougher restrictions in countries such as Australia, Malaysia and Thailand. Indonesia is considering imposing stricter restrictions starting Wednesday amid surging infections. In the U.K, coronavirus cases involving the Delta variant are rising, prompting European nations such as Spain and Portugal to impose new restrictions on travelers. Investors await U.S. jobs report due on Friday to determine the pace of improvement in the labor market. Other key economic data due this week include pending home sales, ADP private sector payrolls, jobless claims and ISM manufacturing activity. Technically market is under fresh selling as market has witnessed gain in open interest by 3.91% to settled at 11278 while prices down -453 rupees, now Gold is getting support at 46266 and below same could see a test of 45978 levels, and resistance is now likely to be seen at 46906, a move above could see prices testing 47258.
Trading Ideas:
* Gold trading range for the day is 45978-47258.
* Gold prices eased as the dollar rose as hawkish remarks from some Fed officials supported prospects of a tightening of monetary policy sooner rather later.
* Fed’s Barkin said that the central bank has made "substantial further progress" toward its inflation goal so as to begin the withdrawal of stimulus.
* Barkin added that he would decide next year whether the U.S. central bank had reached its inflation and employment goals to justify a rate hike.

Silver

Silver yesterday settled down by -1.39% at 68274 as U.S. dollar rose as new coronavirus outbreaks threatened to derail a global economic recovery with the Australian dollar and the British pound leading losses. Fears over the spread of the highly infectious Delta variant of the virus are denting sentiment at a time markets are on edge after the Federal Reserve shocked traders with a hawkish tilt earlier this month. The dollar also got a boost after data showed U.S. consumer confidence increased in June to its highest level since the COVID-19 pandemic started more than a year ago. The U.S. Labor Department's nonfarm payrolls data due on Friday is expected to show a gain of 690,000 jobs this month, compared with 559,000 in May. The data is due after comments from Federal Reserve Bank of Richmond President Thomas Barkin, who suggested the Fed had made "substantial further progress" in its inflation goal in order to begin tapering asset purchases. Boston Federal Reserve Bank President Eric Rosengren said the Fed might consider an interest-rate hike from near zero as soon as late 2022. Separately, Minneapolis Federal Reserve President Neel Kashkari said high inflation readings will not last and Americans will return to the labor market in large numbers in the fall. Technically market is under fresh selling as market has witnessed gain in open interest by 20.81% to settled at 12016 while prices down -959 rupees, now Silver is getting support at 67606 and below same could see a test of 66938 levels, and resistance is now likely to be seen at 69036, a move above could see prices testing 69798.
Trading Ideas:
* Silver trading range for the day is 66938-69798.
* Silver dropped as U.S. dollar rose as new coronavirus outbreaks threatened to derail a global economic recovery with Australian dollar and British pound leading losses.
* The dollar also got a boost after data showed U.S. consumer confidence increased in June to its highest level since the COVID-19 pandemic
* Fears over the spread of the highly infectious Delta variant of the virus are denting sentiment at a time markets are on edge

Crude oil

Crude oil yesterday settled up by 0.24% at 5427 as prospects of a demand recovery more than offset concerns over the rapid spread of Delta variant of coronavirus. OPEC sees a strong rebound in oil demand in the second half of 2021 with oil inventories shrinking but the producer group also sees coronavirus variants posing a risk to the recovery. Demand in 2021 was expected to grow by 6 million barrels per day (bpd), with 5 million bpd of that in the second half, OPEC Secretary General Mohammad Barkindo told meeting of the Joint Technical Committee of OPEC+, an alliance made up of OPEC states, Russia and their allies. "The current 'wild card' factor is the 'Delta Variant' of the pandemic that is resulting in rising cases and renewed restrictions in many regions," he said in a speech. OPEC's forecasts point to an oil supply deficit in August and in the rest of 2021 as economies recover from the pandemic, suggesting the group and its allies have room to raise output at a meeting this week. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, is returning 2.1 million barrels per day (bpd), about 2% of world output, to the market from May through July as part of a plan to ease last year's record output curbs. Technically market is under fresh buying as market has witnessed gain in open interest by 2.15% to settled at 6038 while prices up 13 rupees, now Crude oil is getting support at 5357 and below same could see a test of 5286 levels, and resistance is now likely to be seen at 5495, a move above could see prices testing 5562.
Trading Ideas:
* Crude oil trading range for the day is 5286-5562.
* Crude oil bounced back as prospects of a demand recovery more than offset concerns over the rapid spread of Delta variant of coronavirus.
* OPEC bullish on oil market recovery but virus variants pose risk
* Demand in 2021 was expected to grow by 6 million barrels per day (bpd), with 5 million bpd of that in the second half, OPEC Secretary

Nat.Gas

Nat.Gas yesterday settled up by 1.79% at 272.8 on strong demand for US exports of liquified natural gas as global gas continues to trade more than three times above US prices. Meantime, forecasts point for slightly milder weather and less air conditioning demand in the US over the next two weeks than previously expected. Global gas continues to trade more than three times above U.S. prices, keeping demand for American exports high. Traders noted gas futures rose despite forecasts for slightly milder weather and less air conditioning demand in the United States over the next two weeks than previously expected. Data provider Refinitiv said gas output in the Lower 48 U.S. states averaged 91.6 billion cubic feet per day (bcfd) so far in June, up from 91.0 bcfd in May but still well below the monthly record high of 95.4 bcfd in November 2019. Refinitiv projected average gas demand, including exports, would slide from 93.6 bcfd this week to 90.9 bcfd next week as the weather turns milder. The forecast for next week was lower than Refinitiv projected on Monday. The amount of gas flowing to U.S. liquefied natural gas (LNG) export plants slipped to an average of 10.1 bcfd so far in June due mostly to short-term maintenance at Gulf Coast facilities and the pipelines that supply them with fuel. Technically market is under short covering as market has witnessed drop in open interest by -11.64% to settled at 17145 while prices up 4.8 rupees, now Natural gas is getting support at 264.4 and below same could see a test of 255.9 levels, and resistance is now likely to be seen at 282.4, a move above could see prices testing 291.9.
Trading Ideas:
* Natural gas trading range for the day is 255.9-291.9.
* Natural gas surged on strong demand for US exports of liquified natural gas as global gas continues to trade more than three times above US prices.
* Meantime, forecasts point for slightly milder weather and less air conditioning demand in the US over the next two weeks than previously expected.
* Global gas continues to trade more than three times above U.S. prices, keeping demand for American exports high.



Copper

Copper yesterday settled down by -0.46% at 716.75 as high prices spurred the Chinese government to cool prices by releasing some of its metal stockpiles. Profit growth at China’s industrial firms slowed again in May as surging raw material prices squeezed margins and weighed on factory activity. China will make its monetary policy flexible, targeted and appropriate, while keeping interbank liquidity reasonable, the central bank said, as authorities seek to consolidate a post-COVID-19 economic recovery. On-warrant inventories of copper in LME-registered warehouses have jumped to their highest since May 2020, while Yangshan premiums of the metal going into China languished. The Yangshan copper premium inched up to $25.50 a tonne but was still hovering around its lowest since February 2016, indicating weak demand for imported metal into China. Fed Chairman Powell said that inflation will fall towards the long-term goal and continued to express optimism about employment prospects and other comforting speeches. The European Central Bank will keep its bond purchases and benchmark interest rates at the current level. In this scenario, market sentiment picked up last week. The market will focus on the PMI data from China, Europe and the United States, and the non-farm data from the United States in June this week. Technically market is under long liquidation as market has witnessed drop in open interest by -0.74% to settled at 4310 while prices down -3.3 rupees, now Copper is getting support at 706.7 and below same could see a test of 696.5 levels, and resistance is now likely to be seen at 722.8, a move above could see prices testing 728.7.
Trading Ideas:
* Copper trading range for the day is 696.5-728.7.
* Copper prices dropped as high prices spurred the Chinese government to cool prices by releasing some of its metal stockpiles.
* Profit growth at China’s industrial firms slowed again in May as surging raw material prices squeezed margins and weighed on factory activity
* The market will focus on the PMI data from China, Europe and the United States, and the non-farm data from the United States in June this week.

Zinc

Zinc yesterday settled up by 1.09% at 237.35 as the global zinc market moved into a deficit of 26,900 tonnes in April from a revised surplus of 700 tonnes the previous month, data from the International Lead and Zinc Study Group (ILZSG) showed. Previously, the ILZSG had reported a surplus of 2,100 tonnes in March. During the first four months of 2021, the ILZSG data showed a surplus of 31,000 tonnes, down from a surplus of 256,000 tonnes in the same period of 2020. S&P Global Ratings said that it affirmed China’s ratings at A+/A-1 with a stable outlook, saying the country was likely to maintain above-average economic growth relative to other middle-income economies in the next few years. "This is in part due to its effective containment of the COVID-19 pandemic and rapid vaccine rollout," S&P said in a note. "We expect real GDP growth to come in at 8.3% this year, before moderating to about 5% from 2022-2024," it added. Social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei decreased 12,100 mt in the week ended June 25 to 116,500 mt. Stocks in Shanghai continued to decrease as downstream demand for restocking increased when prices fell, and the inflow of imported zinc slowed down. Technically market is under fresh buying as market has witnessed gain in open interest by 6.27% to settled at 1643 while prices up 2.55 rupees, now Zinc is getting support at 234.4 and below same could see a test of 231.4 levels, and resistance is now likely to be seen at 239.2, a move above could see prices testing 241.
Trading Ideas:
* Zinc trading range for the day is 231.4-241.
* Zinc prices gained as Global zinc market swings to deficit of 26,900 T in April
* S&P affirms China ratings, says China to maintain robust GDP growth
* Market focus shifts to the release of China’s official factory activity data Wednesday and key U.S. payroll data on Friday.

Nickel

Nickel yesterday settled up by 0.73% at 1371.7 as global demand of nickel used in batteries is expected to rise 18% this year from 2020, backed by strong sales of electric-vehicles (EVs) in China, Sumitomo Metal Mining, Japan’s biggest nickel smelter, said. Sumitomo Metal, which supplies cathode materials for Panasonic lithium ion batteries that are used in Tesla EVs, said demand of nickel used in rechargeable batteries will increase to 228,000 tonnes in 2021 from 193,000 tonnes in 2020. Indonesia's government is discussing with a parliament committee a plan to limit construction of smelters producing nickel pig iron or ferronickel in order to optimise nickel ore use for higher-value products, members of parliament said. Putting a restriction on construction of such plants is deemed necessary because of limited saprolite nickel ore reserves, the mining ministry said in a document presented to parliament this month. The global nickel market deficit narrowed to 15,600 tonnes in April from a shortfall of 17,100 tonnes in March, data from the International Nickel Study Group (INSG) showed. During the first four months of the year, the nickel market saw a deficit of 34,900 tonnes compared with a 48,000 tonnes surplus in the same period last year, Lisbon-based INSG added. Technically market is under short covering as market has witnessed drop in open interest by -4.71% to settled at 2124 while prices up 9.9 rupees, now Nickel is getting support at 1355.3 and below same could see a test of 1338.8 levels, and resistance is now likely to be seen at 1381, a move above could see prices testing 1390.2.
Trading Ideas:
* Nickel trading range for the day is 1338.8-1390.2.
* Nickel prices gained as global demand of nickel used in batteries is expected to rise 18% this year from 2020
* Indonesia's government is discussing with a parliament committee a plan to limit construction of smelters producing nickel pig iron
* Global nickel deficit narrows slightly in April

Aluminium

Aluminium yesterday settled up by 1.75% at 197.8 after Russia's temporary new export taxes on some metals spurred supply worries. Russia is preparing new export taxes for steel products, nickel, aluminium and copper, and Russia's Rusal is the world's largest aluminium producer outside of China. Aluminium inventories have been declining on exchanges, with ShFE inventories hitting their lowest since Feb. 10 at 288,741 tonnes, and LME stockpiles are at their lowest since March 9 at 1.59 million tonnes. Chinese factory activity likely expanded at a slower pace in June, hit by a resurgence of COVID-19 cases in the major export province of Guangdong, although a quick containment indicates the economic disruption is easing. S&P Global Ratings said that it affirmed China’s ratings at A+/A-1 with a stable outlook, saying the country was likely to maintain above-average economic growth relative to other middle-income economies in the next few years. "This is in part due to its effective containment of the COVID-19 pandemic and rapid vaccine rollout," S&P said in a note. "We expect real GDP growth to come in at 8.3% this year, before moderating to about 5% from 2022-2024," it added. Technically market is under fresh buying as market has witnessed gain in open interest by 18.05% to settled at 2983 while prices up 3.4 rupees, now Aluminium is getting support at 193.6 and below same could see a test of 189.3 levels, and resistance is now likely to be seen at 201.9, a move above could see prices testing 205.9.
Trading Ideas:
* Aluminium trading range for the day is 189.3-205.9.
* Aluminium prices rose after Russia's temporary new export taxes on some metals spurred supply worries.
* Aluminium inventories have been declining on exchanges, with ShFE inventories hitting their lowest since Feb. 10 at 288,741 tonnes
* LME stockpiles are at their lowest since March 9 at 1.59 million tonnes.

Mentha oil

Mentha oil yesterday settled down by -1.59% at 1061.2 as arrivals likely to increase due to favourable weather conditions. Daily arrivals should gradually pick up to 400-500 drums in next 7-10 days. Last week, prices rallied due to the rotting of the crop due to stagnant water in the field. The past few weeks have been painful as heavy rains in the pre-monsoon season have damaged the mentha crop which was ready for harvesting. Due to drowning in the water, the rows have started to wither. With the harvesting of the crop, oil extraction work has also started. The Lucknow-based Central Institute of Medicinal and Aromatic Plants estimates that this adverse effect of rains on the crop is expected to reduce production by 30% in the last two weeks. The crop is prone to rain because the leaves of the crop start falling due to waterlogging in the field. Most of the farmers have planted Mentha crops and this rain is not less than acid for 50 percent of Mentha crop. Overall post-lock-down demand will be likely to improve as demand from the health industry will likely continue also as per CIMAP. In Sambhal spot market, Mentha oil dropped by -12.1 Rupees to end at 1127.3 Rupees per 360 kgs.Technically market is under fresh selling as market has witnessed gain in open interest by 9.64% to settled at 614 while prices down -17.1 rupees, now Mentha oil is getting support at 1048.3 and below same could see a test of 1035.3 levels, and resistance is now likely to be seen at 1077.1, a move above could see prices testing 1092.9.
Trading Ideas:
* Mentha oil trading range for the day is 1035.3-1092.9.
* In Sambhal spot market, Mentha oil dropped  by -12.1 Rupees to end at 1127.3 Rupees per 360 kgs.
* Mentha oil dropped as arrivals likely to increase due to favourable weather conditions.
* Daily arrivals should gradually pick up to 400-500 drums in next 7-10 days.
* Last week, prices rallied due to the rotting of the crop due to stagnant water in the field.

Soyabean

Soyabean yesterday settled up by 1.12% at 7158 as slow monsoon progress and lesser availability of certified soyabean seeds may impact kharif sowing of the oilseed in Madhya Pradesh and Rajasthan, top two producers of the crop in the country. “There is lesser availability of certified seeds this year,” D N Pathak, executive director of leading trade body Soyabean Processors Association of India (SOPA), told. “The soyabean crop last year was damaged due to excessive rains, high temperature and pest attack, for which the quality of seeds with the farmers maybe not so good.” Though sowing has started in some parts of Madhya Pradesh it is yet to pick up in many places due to lesser rains, Pathak said. Sowing of soyabean generally gets completed by the first week of July. “We still have time. If it rains, then sowing will pick up faster,” he said. Rains have not picked up in Madhya Pradesh and Rajasthan for sowing to gather momentum. Farmers typically store seeds with themselves for sowing, but the quality is not as good as certified seeds. Certified varieties are produced from foundation seeds derived from breeder seeds by agricultural scientists and are considered to be the best in quality and yield. At the Indore spot market in top producer MP, soybean gained 85 Rupees to 7274 Rupees per 100 kgs.Technically market is under short covering as market has witnessed drop in open interest by -2.77% to settled at 31555 while prices up 79 rupees, now Soyabean is getting support at 7089 and below same could see a test of 7019 levels, and resistance is now likely to be seen at 7200, a move above could see prices testing 7241.
Trading Ideas:
* Soyabean trading range for the day is 7019-7241.
* Soyabean gains as sowing may get impacted amid slow monsoon progress and lack of certified seeds
* There is lesser availability of certified seeds this year - SOPA
* Rains have not picked up in Madhya Pradesh and Rajasthan for sowing to gather momentum.
* At the Indore spot market in top producer MP, soybean gained  85 Rupees to 7274 Rupees per 100 kgs.

Ref.Soyaoil

Ref.Soyaoil yesterday settled up by 1.14% at 1248.1 on solid demand from China. India exported 5.31 lakh tonnes of oilmeals in the first two months of the fiscal 2021-22 against 3.50 lakh tonnes in the same period a year ago, recording a growth of 52 per cent. BV Mehta, Executive Director of Solvent Extractors’ Association of India (SEA), said the export of oilmeals increased sharply on the back of shipments of rapeseed meal during the period. India has put on hold a proposal to reduce import taxes on edible oils as cooking oil prices started to fall in the world market after hitting record highs, two government and one industry officials told. India slashed the base import prices of palm oil and soybean oil for a fortnight, the government said in a statement, as prices of the cooking oils fell sharply in the global market. Imports would remain elevated even in June as many states are easing lockdowns and allowing restaurants to reopen. A coalition of nine Argentine port worker unions went on a nationwide 24-hour strike to press for vaccinations against the coronavirus. Indian farmers are likely to expand their soybean planting area by more than a tenth in 2021 At the Indore spot market in Madhya Pradesh, soyoil was steady at 1275.7 Rupees per 10 kgs.Technically market is under short covering as market has witnessed drop in open interest by -3.38% to settled at 35740 while prices up 14.1 rupees, now Ref.Soya oil is getting support at 1226 and below same could see a test of 1204 levels, and resistance is now likely to be seen at 1266, a move above could see prices testing 1284.
Trading Ideas:
* Ref.Soya oil trading range for the day is 1204-1284.
* Ref soyoil prices remained supported on solid demand from China.
* India exported 5.31 lakh tonnes of oilmeals in the first two months of the fiscal 2021-22
* A coalition of nine Argentine port worker unions went on a nationwide 24-hour strike to press for vaccinations against the coronavirus.
* At the Indore spot market in Madhya Pradesh, soyoil was steady at 1275.7 Rupees per 10 kgs.

Crude palm Oil

Crude palm Oil yesterday settled down by -0.49% at 1005.8 as investors adjust positions following Indonesia's decision to start a new lower export levy structure next month. Indonesia to impose new palm oil export levies starting on July 2, the Estate Crop Fund Agency (BPDP) said in a statement. The world's top palm oil exporter last week said it will change its levy structure for palm oil exports, cutting the ceiling rate for crude palm oil levies (CPO) from $255 to $175 per tonne after criticism from stakeholders. Upstream players will get some relief from the lower export levy and see higher net realised selling prices, hence, better earnings for the second half of 2021. Exports of Malaysian palm oil products for Jun. 1-25 rose 7.5 percent to 1,167,989 tonnes from 1,086,676 tonnes shipped during May. 1-25, cargo surveyor Societe Generale de Surveillance said. Malaysia has surpassed Indonesia to become the biggest crude palm oil (CPO) exporter to top consumer India in 2020/21, after Indonesia imposed heavy taxes on exports of the edible oil last year, industry officials told. Malaysia's palm oil exports to India surged 238% to 2.42 million tonnes in the first seven months of 2020/21 marketing year started on Nov. 1, according to data compiled by The Solvent Extractors' Association of India (SEA). In spot market, Crude palm oil gained by 2.6 Rupees to end at 1054.3 Rupees.Technically market is under long liquidation as market has witnessed drop in open interest by -1.05% to settled at 4512 while prices down -5 rupees, now CPO is getting support at 990.2 and below same could see a test of 974.7 levels, and resistance is now likely to be seen at 1027, a move above could see prices testing 1048.3.
Trading Ideas:
* CPO trading range for the day is 974.7-1048.3.
* Crude palm oil dropped as investors adjust positions following Indonesia's decision to start a new lower export levy structure next month.
* However downside seen limited buoyed by stronger soyoil and hopes of higher June export data.
* Exports of Malaysian palm oil products for Jun. 1-25 rose 7.5 percent to 1,167,989 tonnes from 1,086,676 tonnes shipped during May. 1-25.
* In spot market, Crude palm oil gained  by 2.6 Rupees to end at 1054.3 Rupees.

Mustard Seed

Mustard Seed yesterday settled up by 0.78% at 6965 as the arrival of mustard in the mandis has decreased at all places in the country. U.S. rapeseed production is forecast to reach a record 1.8 million tons on record area and trend yield. Pressure also seen as Canada rapeseed production is projected at 20.5 million tons, up 1.5 million on greater area. However upside seen limited pushed lower by flagging global overseas prices amid forecasts for beneficial rains across the Canadian Prairie. U.S. rapeseed production is forecast to reach a record 1.8 million tons on record area and trend yield. Pressure also seen as Canada rapeseed production is projected at 20.5 million tons, up 1.5 million on greater area. COOIT was against any reduction in import duties on edible oils but wanted the Centre to remove the GST of 5 per cent on mustard seed and oil as it will help farmers and consumers both. European Union rapeseed production is projected to show a modest gain in 2021/22 on increased planted area and improved yield but will remain below the levels observed from 2016 to 2018. 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. In Alwar spot market in Rajasthan the prices gained 64.75 Rupees to end at 7235.25 Rupees per 100 kg.Technically market is under short covering as market has witnessed drop in open interest by -7.36% to settled at 39640 while prices up 54 rupees, now Rmseed is getting support at 6889 and below same could see a test of 6813 levels, and resistance is now likely to be seen at 7012, a move above could see prices testing 7059.
Trading Ideas:
* Rmseed trading range for the day is 6813-7059.
* Mustard seed gained as the arrival of mustard in the mandis has decreased at all places in the country.
* U.S. rapeseed production is forecast to reach a record 1.8 million tons on record area and trend yield.
* Canada rapeseed production is projected at 20.5 million tons, up 1.5 million on greater area.
* In Alwar spot market in Rajasthan the prices gained 64.75 Rupees to end at 7235.25 Rupees per 100 kg.


Turmeric

Turmeric yesterday settled down by -0.22% at 7266 as sentiment is weak and sluggish demand from local stockists amid poor quality arrivals in the market has led to the fall in prices. However downside seen limited on following export demand from Europe, Gulf countries and Bangladesh. The curbs and lockdowns announced to control the second wave of Covid-19 pandemic affected trading. In Nizamabad APMC in Telangana, the modal price of the finger variety turmeric was quoted at ₹6,950 a quintal. Prices are up about ₹400 since the beginning of this month. At Bangalore in Karnataka, turmeric is quoted at ₹11,500 at the APMC yard with most markets closed in the State to control the Covid-19 pandemic. In Tamil Nadu, too, the agricultural markets are closed as part of the lockdown to tackle the pandemic. Demand for exports to Bangladesh and Europe are helping turmeric prices to gain. Exporters are looking to pick up stocks from Nanded in view of its quality. Turmeric has been in demand over the last two years as it is reported to be effective in medical use, particularly in combating Covid-19. According to Spices Board data, turmeric exports during the April-December period of the last fiscal increased 34 per cent to 1.39 lakh tonnes valued at ₹1,251 crore compared with 1.03 lakh tonnes valued at ₹1,047 crore. In Nizamabad, a major spot market in AP, the price ended at 7365.65 Rupees dropped -75.25 Rupees.Technically market is under long liquidation as market has witnessed drop in open interest by -9.52% to settled at 9030 while prices down -16 rupees, now Turmeric is getting support at 7162 and below same could see a test of 7060 levels, and resistance is now likely to be seen at 7326, a move above could see prices testing 7388.
Trading Ideas:
* Turmeric trading range for the day is 7060-7388.
* Turmeric dropped as sentiment is weak and sluggish demand from local stockists amid poor quality arrivals in the market has led to the fall in prices.
* The curbs and lockdowns announced to control the second wave of Covid-19 pandemic affected trading.
* Turmeric has been in demand over the last two years as it is reported to be effective in medical use, particularly in combating Covid-19.
* In Nizamabad, a major spot market in AP, the price ended at 7365.65 Rupees dropped -75.25 Rupees.

Jeera

Jeera yesterday settled flat at 13475 amid excess supply and as demand is likely to remain subdued on weak buying from local and overseas markets. Farmers need money to start sowing the kharif crop and they are bringing huge stocks to sell in the market after the easing of Covid-related restrictions. In the benchmark market Unjha, 7,000 bags (1 bag = 55 kg) arrived yesterday as against 10,000 bags. 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 -23.35 Rupees to end at 13760 Rupees per 100 kg.Technically market is under short covering as market has witnessed drop in open interest by -1.98% to settled at 5940 while prices up 5 rupees, now Jeera is getting support at 13385 and below same could see a test of 13300 levels, and resistance is now likely to be seen at 13530, a move above could see prices testing 13590.
Trading Ideas:
* Jeera trading range for the day is 13300-13590.
* Jeera settled flat amid excess supply and as demand is likely to remain subdued on weak buying from local and overseas markets.
* Farmers need money to start sowing the kharif crop and they are bringing huge stocks to sell in the market after the easing of Covid-related restrictions.
* As India struggles against curbing the Corona pandemic, exports markets have turned subdued.
* In Unjha, a key spot market in Gujarat, jeera edged down by -23.35 Rupees to end at 13760 Rupees per 100 kg.

Cotton

Cotton yesterday settled up by 0.08% at 24740 tracking rise in overseas amid concerns over crop quality after heavy rains lashed major growing regions. The daily arrivals have stopped, as farmers and stockists have less stock. Meanwhile, mill owners and exporters are hoping to restore their supplies for the next two-three months, while the new crop is more than three months away. CAI has reduced the crop size by 4 lakh bales (each of 170 kg) to 356 lakh bales. CAI has increased the consumption estimate for the current crop year by 10 lakh bales to 325 lakh bales from its previous estimate of 315 lakh bales. Cotton exports for 2020-21 is projected to increase by 7 lakh bales to 72 lakh bales based on the input received from exporter-members, CAI. China’s 2020/21 imports are forecast at a 7-year high, driven by the highest projected consumption in 3 years, robust State Reserve (SR) imports, and attractive prices for imported cotton. For 2021/22, the June forecast shows higher trade and consumption with lower production and stocks. A lower consumption outlook for India is more than offset by higher expected demand in China, Bangladesh, and Turkey which is driving higher imports for these countries. In spot market, Cotton dropped by -30 Rupees to end at 24650 Rupees.Technically market is under fresh buying as market has witnessed gain in open interest by 0.73% to settled at 6870 while prices up 20 rupees, now Cotton is getting support at 24640 and below same could see a test of 24530 levels, and resistance is now likely to be seen at 24820, a move above could see prices testing 24890.
Trading Ideas:
* Cotton trading range for the day is 24530-24890.
* Cotton prices seen supported tracking rise in overseas amid concerns over crop quality after heavy rains lashed major growing regions.
* The daily arrivals have stopped, as farmers and stockists have less stock.
* Meanwhile, mill owners and exporters are hoping to restore their supplies for the next two-three months
* In spot market, Cotton dropped  by -30 Rupees to end at 24650 Rupees.

Chana

Chana yesterday settled down by -0.36% at 4986 after update that NAFED, Bhopal is commencing the sale in state of Madhya Pradesh w.e.f from 01.07.2021. Pressure also seen ahead of sowing report which can report higher sowing under Pulses area Compare with last year. However there is a strong possibility of shortage in pulses production, especially due to uncertainty over sowing this crop year due to the pandemic. The country is most likely to face scarcity of pulses this year including masoor, chana and other pulses. There could be a shortage of around 10 lakh tonne in the production of tur this year. As the apex body for the trade, IPGA is bringing it to the notice of the government well in advance to augment the supply side. However, as per trade estimates, the production for tur has been around 2.90 million tonne, urad approximately 2.06 million tonne, moong around 2 million tonne, Chana around 9 million tonne and masoor around 0.95 million tonne. India’s supply of Kabuli chickpea is expected to plunge 32 percent to 396,000 tonnes due to low carryout and very poor production prospects for all of India’s rabi (winter) season crops. Exports will fall to an estimated 50,000 tonnes, down from 115,000 tonnes each of the previous two years. In Delhi spot market, chana dropped by -56.65 Rupees to end at 4927.9 Rupees per 100 kgs.Technically market is under long liquidation as market has witnessed drop in open interest by -4.29% to settled at 104970 while prices down -18 rupees, now Chana is getting support at 4946 and below same could see a test of 4906 levels, and resistance is now likely to be seen at 5021, a move above could see prices testing 5056.
Trading Ideas:
* Chana trading range for the day is 4906-5056.
* Chana dropped after update that NAFED, Bhopal is commencing the sale in state of Madhya Pradesh w.e.f from 01.07.2021.  
* Pressure also seen ahead of sowing report which can report higher sowing under Pulses area compare with last year.
* However there is a strong possibility of shortage in pulses production, especially due to uncertainty over sowing this crop year due to the pandemic.
* In Delhi spot market, chana dropped  by -56.65 Rupees to end at 4927.9 Rupees per 100 kgs.

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