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Gold

Gold yesterday settled up by 0.02% at 46737 as strong U.S. economic data and elevated Treasury yields weighed. Data showed that U.S. economic growth accelerated in the first quarter as fiscal stimulus fuelled consumer spending and set the course for what is expected to be the strongest performance this year in nearly four decades. Citing progress on Covid vaccinations and strong policy support, the Federal Reserve upgraded its assessment of the U.S. economy but maintained its ultra-easy monetary policy as widely expected. A statement from the Fed noted indicators of economic activity and employment have "strengthened," which reflects a modest upgrade from last month, when the central bank said the indicators have "turned up recently." Global demand for gold in the first quarter of 2021 was stuck near its lowest level since 2008 as heavy selling by investors in Europe and North America offset a revival of consumer buying in Asia, the World Gold Council (WGC) said. China's 2021 gold demand will see annual growth and will revert to pre-pandemic levels if there are no dramatic changes to the global economic and geo-political situation, a World Gold Council (WGC) official said. Physical gold in India was sold at a discount for the first time in 2021 as a spike in coronavirus cases prompted strict restrictions and kept buyers away. Technically market is under short covering as market has witnessed drop in open interest by -2.16% to settled at 10418 while prices up 11 rupees, now Gold is getting support at 46621 and below same could see a test of 46506 levels, and resistance is now likely to be seen at 46835, a move above could see prices testing 46934.
Trading Ideas:
* Gold trading range for the day is 46506-46934.
* Gold settled flat as strong U.S. economic data and elevated Treasury yields weighed.
* Data showed that U.S. economic growth accelerated in the first quarter as fiscal stimulus fuelled consumer spending
* Global demand for gold in the first quarter of 2021 was stuck near its lowest level since 2008

Silver

Silver yesterday settled down by -0.39% at 68366 as dollar and yields on bonds rose as US economy advanced at an annual rate of 6.4% in the first quarter of 2021, reflecting the continued economic recovery. Data showed that U.S. economic growth accelerated in the first quarter as fiscal stimulus fuelled consumer spending and set the course for what is expected to be the strongest performance this year in nearly four decades. Benchmark U.S. 10-year Treasury yields hovered near a more than two-week high, increasing the opportunity cost of holding non-yielding bullion. On the economic front, a report from the Commerce Department said personal income in the U.S. soared by 21.1% in March after plunging by a revised 7% in February. The report also showed personal spending jumped by 4.2% in March following a 1% decrease in February. Personal spending was expected to surge up by 4.1%. Chicago-area business activity unexpectedly saw faster growth in the month of April, according to a report released by MNI Indicators. MNI Indicators said its Chicago business barometer jumped to 72.1 in April from 66.3 in March, with a reading above 50 indicating growth. Economists had expected the index to edge down to 65.3. Revised data released by the University of Michigan showed consumer sentiment in the U.S. improved by more than initially estimated in the month of April. Technically market is under long liquidation as market has witnessed drop in open interest by -0.02% to settled at 8428 while prices down -271 rupees, now Silver is getting support at 67995 and below same could see a test of 67625 levels, and resistance is now likely to be seen at 68942, a move above could see prices testing 69519.
Trading Ideas:
* Silver trading range for the day is 67625-69519.
* Silver prices dropped as dollar and yields on bonds rose as US economy advanced at an annual rate of 6.4% in the first quarter of 2021
* Benchmark U.S. 10-year Treasury yields hovered near a more than two-week high, increasing the opportunity cost of holding non-yielding bullion.
* A report from the Commerce Department said personal income in the U.S. soared by 21.1% in March after plunging by a revised 7% in February.

Crude oil

Crude oil yesterday settled down by -1.95% at 4723 as worries about energy demand resurfaced amid a continued surge in coronavirus cases in Asia. Confidence is returning to the market, with the OPEC+ alliance raising its consumption estimates for this year and Goldman Sachs predicting oil demand will post a record jump as vaccination rates increase. This is enabling the market to largely overlook the resurgence in Covid-19 in the Indian subcontinent. Investment bank Goldman Sachs expects global oil demand to realize the biggest jump ever over the next six months as vaccination rates accelerate. Citi expect vaccination campaigns in North America and Europe to boost oil demand to a record high of 101.5mbpd over the northern hemisphere summer months. However, they are of the view that rising COVID-19 cases in Brazil and India could hit local demand if stricter lockdowns are reimposed. A drop in U.S. petroleum product supplies, signs of stronger demand for oil in the U.S. and some other big countries amid an improved outlook for Covid vaccinations supported oil prices. U.S. crude stocks and gasoline inventories rose while distillate inventories fell, the Energy Information Administration said. Crude inventories rose by 90,000 barrels in the week ended April 23 to 493.1 million barrels. Technically market is under long liquidation as market has witnessed drop in open interest by -23.79% to settled at 5110 while prices down -94 rupees, now Crude oil is getting support at 4668 and below same could see a test of 4614 levels, and resistance is now likely to be seen at 4791, a move above could see prices testing 4860.
Trading Ideas:
* Crude oil trading range for the day is 4614-4860.
* Crude oil prices drifted lower as worries about energy demand resurfaced amid a continued surge in coronavirus cases in Asia.
* A drop in U.S. petroleum product supplies, signs of stronger demand for oil in the U.S. and some other big countries amid an improved outlook for Covid vaccinations supported oil prices.
* Investment bank Goldman Sachs expects global oil demand to realize the biggest jump ever over the next six months as vaccination rates accelerate.

Nat.Gas

Nat.Gas yesterday settled up by 1.68% at 218 on forecasts for cooler weather and higher heating demand over the next two weeks than previously expected, record exports and a small decline in output. Support also seen after a government report showed that US stockpiles increased more than expected last week. That price decline came despite forecasts for slightly cooler weather and higher heating demand next week than previously expected, continued near record exports and lower output due to routine spring pipeline maintenance. The U.S. Energy Information Administration (EIA) said U.S. utilities added 15 billion cubic feet (bcf) of gas into storage during the week ended April 23. Last week's injection boosted stockpiles to 1.898 trillion cubic feet (tcf), or 2.1% below the five-year average of 1.938 tcf for this time of year. Data provider Refinitiv said gas output in the Lower 48 U.S. states slipped to an average of 91.3 billion cubic feet per day (bcfd) so far in April from 91.5 bcfd in March due to routine spring pipeline maintenance. That compares with a record monthly high of 95.4 bcfd in November 2019. Refinitiv projected average gas demand, including exports, would slide from 89.5 bcfd this week to 87.3 bcfd next week as the weather turns seasonally milder. Technically market is under fresh buying as market has witnessed gain in open interest by 7.81% to settled at 18862 while prices up 3.6 rupees, now Natural gas is getting support at 215.1 and below same could see a test of 212.1 levels, and resistance is now likely to be seen at 220.3, a move above could see prices testing 222.5.
Trading Ideas:
* Natural gas trading range for the day is 212.1-222.5.
* Natural gas climbed on forecasts for cooler weather and higher heating demand over the next two weeks than previously expected, record exports and a small decline in output.
* Support also seen after a government report showed that US stockpiles increased more than expected last week.
* EIA said U.S. utilities added 15 billion cubic feet (bcf) of gas into storage during the week ended April 23.

Copper


Copper yesterday settled down by -0.38% at 754.1 after data showed that copper stocks in Shanghai bonded area rose 7,000 mt from the prior week to 396,700 mt as of Friday April 30. However downside seen limited amid strong U.S. economic data and the Federal Reserve's commitment to continue supporting the economy fuelled investors' appetite for risk. Factory activity in top metals consumer China expanded at a slower-than-expected pace in April as supply and transport bottlenecks weighed on production and overseas demand lost momentum. Copper's rally, driven by a combination of optimism about recovery prospects for the pandemic-hit global economy and supply concerns, is likely to stall in the second half of 2021 as China reins in stimulus spending. Goldman Sachs forecast copper would average $9,675 a tonne in 2021, $11,875 a tonne in 2022 and $12,000 a tonne in 2023. However, Yangshan copper premium fell to $43 a tonne, its lowest since April 2017, indicating weakening demand from top consumer China as prices have leaped 24% this year. The global world refined copper market showed a 28,000 tonnes surplus in January, compared with a 1,000 tonnes deficit in December, the International Copper Study Group (ICSG) said in its latest monthly bulletin. Technically market is under long liquidation as market has witnessed drop in open interest by -2.77% to settled at 3582 while prices down -2.85 rupees, now Copper is getting support at 749.3 and below same could see a test of 744.4 levels, and resistance is now likely to be seen at 761.6, a move above could see prices testing 769.
Trading Ideas:
* Copper trading range for the day is 744.4-769.
* Copper prices dropped paring gains after data showed that copper stocks in Shanghai bonded area rose 7,000 mt from the prior week to 396,700
* However downside seen limited amid strong U.S. economic data and Fed’s commitment to continue supporting the economy fuelled investors' appetite for risk.
* Goldman Sachs forecast copper would average $9,675 a tonne in 2021, $11,875 a tonne in 2022 and $12,000 a tonne in 2023.

Zinc

Zinc yesterday settled up by 0.41% at 232.45 after data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei decreased 21,900 mt from last Friday April 23 to 180,100 mt as of April 30. The stocks fell 9,700 mt from Monday April 26. Global zinc market was oversupplied by 65,400 tonnes in February and by a revised 18,300 tonnes in January, data from the International Lead and Zinc Study Group (ILZSG) showed. Previously, the ILZSG had reported a surplus of 11,700 tonnes in January. Around 13.5 million tonnes of zinc are produced and consumed each year. Over January and February 2020, the market was oversupplied by 220,000 tonnes, according to the ILZSG. Chinese zinc smelters, produced 426,000 tonnes of zinc in March, up 7% year-on-year but down 9.8% month-on-month on a daily basis, as energy consumption curbs in inner Mongolia hit production. Zinc output is forecast to rise by 6,700 tonnes in April and another 10,000 tonnes in May, with the increases limited by maintenance and environmental inspections. Euro zone economic sentiment surged in April as vaccination campaigns against the coronavirus gathered speed, with sharp gains across all sectors of the economy that economists said marked the end of the pandemic-induced recession. Technically market is under short covering as market has witnessed drop in open interest by -0.22% to settled at 2268 while prices up 0.95 rupees, now Zinc is getting support at 229.7 and below same could see a test of 227 levels, and resistance is now likely to be seen at 234.4, a move above could see prices testing 236.4.
Trading Ideas:
* Zinc trading range for the day is 227-236.4.
* Zinc gained after data showed that social inventories of refined zinc ingots in China decreased 21,900 mt to 180,100 mt.
* Chinese zinc smelters, produced 426,000 tonnes of zinc in March, up 7% year-on-year but down 9.8% month-on-month on a daily basis
* Japan's March zinc exports up 37.3% y/y

Nickel

Nickel yesterday settled up by 1.88% at 1316.9 as Global demand for nickel is expected to increase to 2.67 million tonnes in 2021 from 2.39 million tonnes in 2020, the International Nickel Study Group said. Global output of nickel is expected to rise to 2.72 million tonnes from 2.49 million tonnes, the Lisbon-based group said, adding the implicit market balance is a surplus of 45,000 tonnes in 2021. The U.S. economy has had a steady run of good news in recent months, with job gains accelerating as businesses reopen and forecasters projecting that 2021 will see the strongest GDP growth in decades. But the Federal Reserve has shown no sign that there has been enough progress yet to ease the support for the economy that it put in place at the onset of the pandemic, including a promise to keep its key overnight interest rate near zero for years to come and to keep buying $120 billion in government bonds and mortgage-backed securities each month. The U.S. unemployment rate edged down to 6% in March, but that still left it about 2.5 percentage points higher than its level right before the pandemic; there are still about 8.5 million fewer jobs; the unemployment rate for Blacks, the labor force participation rate for women, and other factors the Fed is now watching all remain elevated. Technically market is under fresh buying as market has witnessed gain in open interest by 20.42% to settled at 1763 while prices up 24.3 rupees, now Nickel is getting support at 1295.4 and below same could see a test of 1274 levels, and resistance is now likely to be seen at 1329.1, a move above could see prices testing 1341.4.
Trading Ideas:
* Nickel trading range for the day is 1274-1341.4.
* Nickel gained as Global demand for nickel is expected to increase to 2.67 million tonnes in 2021 from 2.39 million tonnes in 2020
* Global output of nickel is expected to rise to 2.72 million tonnes from 2.49 million tonnes
* The U.S. economy has had a steady run of good news in recent months, with job gains accelerating as businesses reopen

Aluminium

Aluminium yesterday settled up by 0.18% at 193.7 on strong demand and growing expectations that China’s supply will be limited due to carbon emission targets. The Chinese city of Baotou in Inner Mongolia shut down 34 ferroalloy companies and some captive power plants as part of a series of measures to meet its energy consumption targets for the first quarter, which could curb aluminum production by around 100,000 tonnes on an annual basis. Chinese officials have warned that they will cap high commodity prices to dampen inflation. Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, declined 25,000 mt from the prior week to 1.12 million mt as of April 29, and Wuxi mainly contributed to the decline. Shipments of aluminium billet out of warehouses rose slightly by 1,500 mt on the week to 61,200 mt as high aluminium prices weighed on downstream consumption. Data showed that stocks of 6063 aluminium billet across the five major consumption areas – Foshan, Wuxi, Huzhou, Changzhou and Nanchang – in China dropped 28,700 mt from the previous week to 134,000 mt as of Apr 29. German business sentiment rose by less than expected in April, the Ifo Institute’s business climate index, as a third wave of Covid-19 infections and industrial sector supply problems weighed on the recovery of Europe’s largest economy. Technically market is under fresh buying as market has witnessed gain in open interest by 1.97% to settled at 1809 while prices up 0.35 rupees, now Aluminium is getting support at 192.1 and below same could see a test of 190.4 levels, and resistance is now likely to be seen at 195.4, a move above could see prices testing 197.
Trading Ideas:
* Aluminium trading range for the day is 190.4-197.
* Aluminium gains on strong demand and growing expectations that China’s supply will be limited due to carbon emission targets.
* The Chinese city of Baotou in Inner Mongolia shut down 34 ferroalloy companies and some captive power plants
* Chinese officials have warned that they will cap high commodity prices to dampen inflation.

Mentha oil

Mentha oil yesterday settled down by -0.05% at 967 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 gained by 1.1 Rupees to end at 1079.2 Rupees per 360 kgs.Technically market is under long liquidation as market has witnessed remain unchanged in open interest by 0% to settled at 20 while prices down -0.5 rupees, now Mentha oil is getting support at 967 and below same could see a test of 967 levels, and resistance is now likely to be seen at 967, a move above could see prices testing 967.
Trading Ideas:
* Mentha oil trading range for the day is 967-967.
* In Sambhal spot market, Mentha oil gained  by 1.1 Rupees to end at 1079.2 Rupees per 360 kgs.
* Mentha oil 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 0.54% at 7107 tracking rise in overseas prices as global supply tightens, and demand persists. CME raises soybean futures (s) maintenance margins by 7.2% to $4,100 per contract from $3,825 for May 2021. USDA said soybean export sales totaled 731,500 tonnes, topping forecasts that ranged from 100,000 tonnes to 700,000 tonnes. Russia plans to reduce its export tax on soybeans to 20%, but it will be no less than $100 per tonne, starting from July 1, the economy ministry said in a statement. The tax will be in place until September 2022, it said. Russia's export tax on soybeans is now set at 30%, with a minimum level of 165 euros ($200) per tonne, until June 30. Prices rallied to all time high in recently tracking rise in overseas prices as global supply tightens, and demand persists. The Solvent Extractors' Association (SEA) of India has stressed the need to impose more measures to check the excessive speculative activity in the soyabean futures. In a letter to the members of SEA of India, Atul Chaturvedi, President of the association, said that SEA was flooded with complaints from its members that the soyabean contract on the commodity exchange was witnessing an unnatural price run due to technical reasons and alleged price rigging by speculators. At the Indore spot market in top producer MP, soybean gained 54 Rupees to 7263 Rupees per 100 kgs.Technically market is under short covering as market has witnessed drop in open interest by -12.57% to settled at 60635 while prices up 38 rupees, now Soyabean is getting support at 6983 and below same could see a test of 6858 levels, and resistance is now likely to be seen at 7200, a move above could see prices testing 7292.
Trading Ideas:
* Soyabean trading range for the day is 6858-7292.
* Soyabean prices gained tracking rise in overseas prices as global supply tightens, and demand persists.
* USDA said soybean export sales totaled 731,500 tonnes, topping forecasts that ranged from 100,000 tonnes to 700,000 tonnes.
* Russia plans to reduce export tax on soybeans from July 1
* At the Indore spot market in top producer MP, soybean gained  54 Rupees to 7263 Rupees per 100 kgs.

Ref.Soyaoil

Ref.Soyaoil yesterday settled down by -2.17% at 1360.7 on profit booking 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 1437.05 Rupees per 10 kgs.Technically market is under long liquidation as market has witnessed drop in open interest by -7.71% to settled at 32365 while prices down -30.2 rupees, now Ref.Soya oil is getting support at 1347 and below same could see a test of 1333 levels, and resistance is now likely to be seen at 1380, a move above could see prices testing 1399.
Trading Ideas:
* Ref.Soya oil trading range for the day is 1333-1399.
* Ref soyoil settled down on profit booking 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.
* At the Indore spot market in Madhya Pradesh, soyoil was steady at 1437.05 Rupees per 10 kgs.

Crude palm Oil

Crude palm Oil yesterday settled down by -1.56% at 1155.7 after Indonesia's March crude palm oil production was up 13.5% compared to the year ago, an official at the country's palm oil association GAPKI told. Crude palm oil output in March stood at 3.71 million tonnes compared with the 3.27 million tonnes produced in the same month last year. Compared with February, it rose 20.9%.Indonesia's crude palm oil end stocks however stood at 3.2 million tonnes in March, 5.4% lower than a year ago and 20.6% lower than February. Indonesia estimates that it will export 5.9% more crude and refined palm oil in 2022 than this year, official data showed. Next year's exports are estimated at 27.135 million tonnes versus the 2021 estimate of 25.612 million, the data from BPDP, the government body in charge of subsidising palm oil programmes, showed. Prices also dropped as demand is expected to be lower, with new coronavirus infections in the country hitting a record peak for a fifth day. Pressure also seen due to higher-than expected inventories and production weighed on the market. The weakness is mainly due to higher crop output and rising inventories in Malaysia and bearish news from the biodiesel market. In spot market, Crude palm oil dropped by -1.3 Rupees to end at 1220.3 Rupees.Technically market is under long liquidation as market has witnessed drop in open interest by -8.61% to settled at 5171 while prices down -18.3 rupees, now CPO is getting support at 1145.1 and below same could see a test of 1134.4 levels, and resistance is now likely to be seen at 1171.9, a move above could see prices testing 1188.
Trading Ideas:
* CPO trading range for the day is 1134.4-1188.
* Crude palm oil dropped as Indonesia's March crude palm oil production was up 13.5% compared to the year ago
* Crude palm oil output in March stood at 3.71 million tonnes compared with the 3.27 million tonnes produced in the same month last year.
* Indonesia estimates that it will export 5.9% more crude and refined palm oil in 2022 than this year, official data showed.
* In spot market, Crude palm oil dropped  by -1.3 Rupees to end at 1220.3 Rupees.

Mustard Seed

Mustard Seed yesterday settled down by -1.52% at 6871 after reports 100% Rapeseed Mustard has been harvested in the states of Rajasthan, UP, MP, WB, Jharkhand, Gujarat, Chhattisgarh, Odisha and Assam. Pressure also seen after SOPA, MOPA and SEA have written a letter to SEBI to curb futures, as there is speculation in it and MOPA has said that a six percent circuit instead of four percent is making it difficult to run oil mills as prices are changing rapidly, so it should be reduced to two per cent. Prices rallied in recent sessions 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. In Alwar spot market in Rajasthan the prices dropped -206 Rupees to end at 7325 Rupees per 100 kg.Technically market is under long liquidation as market has witnessed drop in open interest by -4.17% to settled at 60940 while prices down -106 rupees, now Rmseed is getting support at 6830 and below same could see a test of 6790 levels, and resistance is now likely to be seen at 6930, a move above could see prices testing 6990.
Trading Ideas:
* Rmseed trading range for the day is 6790-6990.
* Mustard seed prices dropped after reports 100% Rapeseed Mustard has been harvested
* Pressure also seen after SOPA, MOPA and SEA have written a letter to SEBI to curb futures
* As per USDA, World Mustard seed production is estimated to remain steady at 689 lakh tonnes in 2020-21.
* In Alwar spot market in Rajasthan the prices dropped -206 Rupees to end at 7325 Rupees per 100 kg.

Turmeric


Turmeric yesterday settled down by -2.86% at 7804 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 7646.9 Rupees dropped -26.65 Rupees.Technically market is under long liquidation as market has witnessed drop in open interest by -7.6% to settled at 7175 while prices down -230 rupees, now Turmeric is getting support at 7708 and below same could see a test of 7612 levels, and resistance is now likely to be seen at 7972, a move above could see prices testing 8140.
Trading Ideas:
* Turmeric trading range for the day is 7612-8140.
* Turmeric dropped on profit booking as pressure seen after prices dropped across various 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.
* In Nizamabad, a major spot market in AP, the price ended at 7646.9 Rupees dropped -26.65 Rupees.

Jeera

Jeera yesterday settled down by -0.71% at 13900 as there is pressure on the supply of new crops in the spot markets and demand will be affected due to the lockdown amid resurgence in corona virus cases in many countries. Pressure seen after update in Gujarat and Rajasthan mandis, the arrival of cumin has increased by 65.28% during the current marketing year (February-January) 2021-22. The total arrival in both the states from February 1 to March 31, 2021 was 136031.18 tonnes as compared to 82300.31 tonnes at the same time last year. Preliminary data showed for March 2021 showed jeera exports gained by 92% on year on year basis to 37,326 tons against 19,406 tons in March 2020. In 2020 March exports of Cumin were less because of boarder tensions with China. According to the Union Government's Ministry of Consumer Affairs, the arrival of cumin in the mandis of Gujarat from 1 February to 31 March 2021 was 121063.57 tonnes while it was was 79604.84 tonnes from February to 31 March 2020. In this way, there was a 52.08 percent increase in arrivals. The Federation of Indian Spice Stakeholders has estimated the production of cumin from the country to be 478520 tonnes this year. This production was 535500 tonnes in the Rabi season 2020. This production of cumin is 10.6 percent is less than in the year 2020. 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 long liquidation as market has witnessed drop in open interest by -9.3% to settled at 4566 while prices down -100 rupees, now Jeera is getting support at 13835 and below same could see a test of 13765 levels, and resistance is now likely to be seen at 13990, a move above could see prices testing 14075.
Trading Ideas:
* Jeera trading range for the day is 13765-14075.
* Jeera prices remained under pressure in recent sessions as there is pressure on the supply of new crops
* In Gujarat and Rajasthan mandis, the arrival of cumin has increased by 65.28% during the current marketing year
* Preliminary data showed for March 2021 showed jeera exports gained by 92% on year on year basis to 37,326 tons
* 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 up by 0.27% at 21880 amid rise in overseas prices as China announced additional import quotas for the natural fiber. However upside seen limited as demand is low due to the second wave of coronavirus and production in textile mills has dropped. Last six months were a good period for Indian spinning mills because there was a huge shortage of cotton yarn due to last year’s lockdown (to tackle Covid and huge demand for yarn came from domestic and international markets. So, spinning mills performed well. The closure of ginning factories across the country has forced cotton growers to wait to sell their produce. Despite the economic slowdown caused by the COVID-19 pandemic, Dhaka has increased its cotton import forecast for marketing year (MY) 2021/22 to 7.6 million bales as a result of higher demand for locally spun yarn. The domestic consumption of cotton in MY 2021/22 is forecasted at 7.9 million bales, which is approximately the same consumption levels as MY 2020/21, due to sustained demand for yarn, fabric, apparel, and garments as the world economies slowly recover from the pandemic. In MY 2021/22, Bangladesh's raw cotton production is forecast to slightly increase over MY 2020/21 to 149,000 bales. In spot market, Cotton gained by 30 Rupees to end at 22100 Rupees.Technically market is under short covering as market has witnessed drop in open interest by -2.42% to settled at 8671 while prices up 60 rupees, now Cotton is getting support at 21690 and below same could see a test of 21510 levels, and resistance is now likely to be seen at 21990, a move above could see prices testing 22110.
Trading Ideas:
* Cotton trading range for the day is 21510-22110.
* Cotton prices gained amid rise in overseas prices as China announced additional import quotas for the natural fiber
* Despite the economic slowdown caused by the COVID-19 pandemic, Dhaka has increased its cotton import forecast for 2021/22 to 7.6 million bales
* USDA’s weekly export sales report showed net sales of 103,100 running bales of cotton for 2020/2021, down 16% from the previous week
* In spot market, Cotton gained  by 30 Rupees to end at 22100 Rupees.

Chana

Chana yesterday settled down by -1.04% at 5337 on profit booking ahead of sowing report which can report higher sowing under Pulses area compare with last year. As on 23.04.2021, 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 gained by 132.5 Rupees to end at 5415.65 Rupees per 100 kgs.Technically market is under long liquidation as market has witnessed drop in open interest by -9.26% to settled at 74100 while prices down -56 rupees, now Chana is getting support at 5301 and below same could see a test of 5266 levels, and resistance is now likely to be seen at 5395, a move above could see prices testing 5454.
Trading Ideas:
* Chana trading range for the day is 5266-5454.
* Chana prices dropped as the arrival of new crops in physical markets is increasing day by day as farmers rush to sell their produce
* Government has purchased about 8% of the targeted 3.25 million tonnes of gram in 2020-21
* 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.
* In Delhi spot market, chana gained  by 132.5 Rupees to end at 5415.65 Rupees per 100 kgs.

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