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Gold yesterday settled down by -0.5% at 47532 as rising bond yields amid a surge in new home sales in the U.S. dented demand for the safe-haven asset. Putting a floor under prices were rising coronavirus infections in countries from India to Japan, which led to renewed restrictive measures and clouded the global economic growth outlook. U.S. factory activity powered ahead in early April, though manufacturers increasingly struggled to source raw materials and other inputs as a reopening economy leads to a boom in domestic demand, which could slow momentum in the months ahead. The flow of strong economic data continued with another report showing new home sales racing to a more than 14-1/2-year high in March. The economy is being boosted by the White House’s massive $1.9 trillion COVID-19 pandemic rescue package and increased vaccinations against the virus. Sales of new U.S. single-family homes rebounded more than expected in March, likely boosted by an acute shortage of previously owned houses on the market. The Commerce Department said that new home sales surged 20.7% to a seasonally adjusted annual rate of 1.021 million units last month. India’s physical gold demand faltered as strict restrictions to contain the spread of COVID-19 kept buyers away, while activity in other top hubs remained largely muted due to higher prices. Technically market is under fresh selling as market has witnessed gain in open interest by 0.45% to settled at 10949 while prices down -240 rupees, now Gold is getting support at 47268 and below same could see a test of 47005 levels, and resistance is now likely to be seen at 47910, a move above could see prices testing 48289.           

Trading Ideas:            

* Gold trading range for the day is 47005-48289.

* Gold prices settled flat as rising bond yields amid a surge in new home sales in the U.S. dented demand for the safe-haven asset.

* Rising coronavirus infections in countries from India to Japan, which led to renewed restrictive measures and clouded the global economic growth outlook

* U.S. factory activity powered ahead in early April, though manufacturers increasingly struggled to source raw materials and other inputs

Silver      

Silver yesterday settled down by -0.79% at 68674 as traders remained on the sidelines ahead of a U.S. Federal Reserve meeting next week. Sales of new U.S. single-family homes rebounded more than expected in March, likely boosted by an acute shortage of previously owned houses on the market. The Commerce Department said that new home sales surged 20.7% to a seasonally adjusted annual rate of 1.021 million units last month. The European Central Bank President Christine Lagarde said the near term outlook for the euro area economy remained clouded with high uncertainty, but data suggest the single currency bloc could expand in the second quarter. "The near-term economic outlook remains clouded by uncertainty about the resurgence of the pandemic and the roll-out of vaccination campaigns," Lagarde said in the introductory statement to the post-decision press conference. The euro zone's recovery from its pandemic-induced economic downturn was much stronger than expected in April as the service industry adapted to lockdowns and made a surprise return to growth, a survey showed. With the continent facing a fresh wave of coronavirus infections governments have reimposed strict curbs to contain the spread, forcing some businesses to close and encouraging citizens to stay home. That meant the economy was expected to recover at a much weaker rate this quarter than had been expected only a month previously. Technically market is under long liquidation as market has witnessed drop in open interest by -7.53% to settled at 8256 while prices down -544 rupees, now Silver is getting support at 68107 and below same could see a test of 67541 levels, and resistance is now likely to be seen at 69465, a move above could see prices testing 70257.    

Trading Ideas:            

* Silver trading range for the day is 67541-70257.

* Silver prices settled flat as traders remained on the sidelines ahead of a U.S. Federal Reserve meeting next week.

* Sales of new U.S. single-family homes rebounded more than expected in March, likely boosted by an acute shortage of previously owned houses on the market.

* ECB President Christine Lagarde said the near term outlook for the euro area economy remained clouded with high uncertainty

Crude oil      

Crude oil yesterday settled up by 0.58% at 4652 on hopes of a fuel demand recovery in the United States and Europe as economic growth picks up and lockdowns ease, but worries about India's raging second wave of COVID-19 cases kept a lid on gains. Improving conditions in Europe also buoyed sentiment. France said schools would reopen on Monday and domestic travel curbs in place since early April restricting people to within 10 km (6 miles) of their homes would end on May 3. The Organization of the Petroleum Exporting Countries and allies led by Russia, a producer group known as OPEC+, are heading for a largely technical meeting next week in which major changes to policy are unlikely, Russian Deputy Prime Minister and OPEC+ sources said. Libya's oil production fell to about 1 million barrels per day (bpd) in recent days and could drop further due to budgetary issues, the National Oil Corporation said. Production fell from about 1.3 million bpd, the NOC said. On Monday the NOC declared force majeure on exports from Hariga oil terminal, operated by its subsidiary Arabian Gulf Oil Co (AGOCO), due to a budget dispute with the central bank. AGOCO said on April 18 it had suspended output because it had not received its budget since September. Technically market is under fresh buying as market has witnessed gain in open interest by 3.04% to settled at 4681 while prices up 27 rupees, now Crude oil is getting support at 4606 and below same could see a test of 4561 levels, and resistance is now likely to be seen at 4695, a move above could see prices testing 4739.  

Trading Ideas:            

* Crude oil trading range for the day is 4561-4739.

* Crude oil prices gained on hopes of a fuel demand recovery in the United States and Europe as economic growth picks up and lockdowns ease

* But worries about India's raging second wave of COVID-19 cases kept a lid on gains.

* OPEC+, are heading for a largely technical meeting next week in which major changes to policy are unlikely, Russian Deputy Prime Minister and OPEC+ sources said.

Nat.Gas      

Nat.Gas yesterday settled down by -1.06% at 204.7 on forecasts for the weather to moderate over the next two weeks. That small decline came despite a smaller-than-expected storage build, record exports and small declines in production. Traders also noted that colder-than-normal weather this week boosted heating demand by so much that utilities could take the unusual step of pulling gas from storage. The last time utilities pulled gas from storage in April was in 2018. The U.S. Energy Information Administration (EIA) said utilities added 38 billion cubic feet (bcf) of gas into storage during the week ended April 16. Data provider Refinitiv said gas output in the Lower 48 U.S. states averaged 91.4 billion cubic feet per day (bcfd) so far in April, down from 91.6 bcfd in March. That compares with a record monthly high of 95.4 bcfd in November 2019. Refinitiv projected average gas demand, including exports, would fall from 98.3 bcfd this week to 89.8 bcfd next week as the weather turns seasonally milder. Those forecasts were higher than Refinitiv projected on Wednesday. The amount of gas flowing to U.S. LNG export plants averaged 11.5 bcfd so far in April, which would top the monthly record of 10.8 bcfd in March. Technically market is under long liquidation as market has witnessed drop in open interest by -36.91% to settled at 4107 while prices down -2.2 rupees, now Natural gas is getting support at 203.5 and below same could see a test of 202.4 levels, and resistance is now likely to be seen at 206.5, a move above could see prices testing 208.4.       

Trading Ideas:            

* Natural gas trading range for the day is 202.4-208.4.

*  Natural gas eased on forecasts for the weather to moderate over the next two weeks.

* That small decline came despite a smaller-than-expected storage build, record exports and small declines in production.

* The U.S. EIA said utilities added 38 bcf of gas into storage during the week ended April 16.

Copper      

Copper yesterday settled up by 1.48% at 739.9 as the dollar hovered around a seven-week low as traders contemplate the next moves by major central banks ahead of a U.S. Federal Reserve meeting next week. Support also seen after the United States and other countries hiked targets for slashing greenhouse gas emissions, as the metal is expected to benefit from green investments into electric vehicles or renewable energy. The European Central Bank left policy unchanged, extending a rebound following a sharp sell-off earlier in the week, but gains were capped as investors considered the impact of a possible U.S. capital gains tax hike. The euro zone's recovery from its pandemic-induced economic downturn was much stronger than expected in April as the service industry adapted to lockdowns and made a surprise return to growth, a survey showed. With the continent facing a fresh wave of coronavirus infections governments have reimposed strict curbs to contain the spread, forcing some businesses to close and encouraging citizens to stay home. That meant the economy was expected to recover at a much weaker rate this quarter than had been expected only a month previously. China's refined copper output rose 18.2% year-on-year in March but the monthly total of 870,000 tonnes was the lowest since July, data from the National Bureau of Statistics showed. Technically market is under fresh buying as market has witnessed gain in open interest by 65.18% to settled at 3738 while prices up 10.8 rupees, now Copper is getting support at 733.8 and below same could see a test of 727.6 levels, and resistance is now likely to be seen at 743.4, a move above could see prices testing 746.8.           

Trading Ideas:            

* Copper trading range for the day is 727.6-746.8.

* Copper prices gained as the dollar hovered around a seven-week low as traders contemplate the next moves by major central banks ahead of a U.S. Federal Reserve meeting next week

* The euro zone's recovery from its pandemic-induced economic downturn was much stronger than expected in April

* China's refined copper output rose 18.2% year-on-year in March but the monthly total of 870,000 tonnes was the lowest since July

Zinc       

Zinc yesterday settled up by 1.75% at 229.9 as support seen as downstream restocked at low prices, and zinc stocks fell 18,700 mt. Data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei decreased 18,700 mt in the week ended April 23 to 202,000 mt. The stocks fell 15,700 mt from Monday April 19. Stocks in Shanghai decreased due to increasing purchase volume of the downstream when zinc prices fell. In south China's Guangdong, the maintenance of smelters affected arrivals and downstream purchasing demand improved, which led to the continuous decrease in stocks. Stocks in Tianjin fell sharply as downstream restocking demand increased when zinc prices fell and the maintenance of smelters in Inner Mongolia affected arrivals. U.S. factory activity powered ahead in early April, though manufacturers increasingly struggled to source raw materials and other inputs as a reopening economy leads to a boom in domestic demand, which could slow momentum in the months ahead. The flow of strong economic data continued with another report on Friday showing new home sales racing to a more than 14-1/2-year high in March. The economy is being boosted by the White House’s massive $1.9 trillion COVID-19 pandemic rescue package and increased vaccinations against the virus. Technically market is under fresh buying as market has witnessed gain in open interest by 18.53% to settled at 1893 while prices up 3.95 rupees, now Zinc is getting support at 226.6 and below same could see a test of 223.1 levels, and resistance is now likely to be seen at 232.2, a move above could see prices testing 234.3.          

Trading Ideas:            

*  Zinc trading range for the day is 223.1-234.3.

*  Zinc prices gained as support seen as downstream restocked at low prices, and zinc stocks fell 18,700 mt.

* Stocks in Tianjin fell sharply as downstream restocking demand increased when the maintenance of smelters in Inner Mongolia affected arrivals.

* U.S. manufacturing, new homes sales underscore booming economy

Nickel     

Nickel yesterday settled up by 2.29% at 1240 as supported after data showed inventories in warehouses monitored by the Shanghai Futures Exchange fell 10.4% from a week earlier, the exchange said. The euro zone's recovery from its pandemic-induced economic downturn was much stronger than expected in April as the service industry adapted to lockdowns and made a surprise return to growth, a survey showed. With the continent facing a fresh wave of coronavirus infections governments have reimposed strict curbs to contain the spread, forcing some businesses to close and encouraging citizens to stay home. That meant the economy was expected to recover at a much weaker rate this quarter than had been expected only a month previously. But IHS Markit's flash Composite Purchasing Managers' Index, seen as a good guide to economic health, rose to a nine month high of 53.7 from March's 53.2. A PMI for the dominant service industry rose to 50.3 from last month's 49.6. The global nickel market surplus expanded to 6,200 tonnes in February from a downwardly revised surplus of 3,500 tonnes in the previous month, data from the International Nickel Study Group (INSG) showed. During the first two months of the year, the global market saw a surplus of 9,700 tonnes, down from a surplus of 29,300 tonnes in the same period of 2020, Lisbon-based INSG added. Technically market is under fresh buying as market has witnessed gain in open interest by 20.58% to settled at 955 while prices up 27.8 rupees, now Nickel is getting support at 1219.4 and below same could see a test of 1198.8 levels, and resistance is now likely to be seen at 1252, a move above could see prices testing 1264.  

Trading Ideas:            

* Nickel trading range for the day is 1198.8-1264.

* Nickel prices gained as supported after data showed inventories in warehouses monitored by the Shanghai Futures Exchange fell 10.4% from a week earlier

* The euro zone's recovery from its pandemic-induced economic downturn was much stronger than expected in April as the service industry adapted to lockdowns

* The global nickel market surplus expanded to 6,200 tonnes in February from a downwardly revised surplus of 3,500 tonnes in the previous month

Aluminium      

Aluminium yesterday settled up by 0.1% at 192.55 tracking Shanghai aluminium prices as the Chinese market gears up for a seasonal demand peak. The Shanghai Futures Exchange (ShFE) aluminium contract continues to outperform international prices amid high volumes and open interest with no sign that anyone is being scared off by the increasingly strident official warnings about speculative heat in the country's commodity markets. Chinese production has indeed responded to the higher prices, national output rising by 6.4% in the first quarter, according to the International Aluminium Institute. Primary aluminium ingot inventories in China fell, showed data. Social inventories of primary aluminium ingots across eight consumption areas in China, including SHFE warrants, decreased 43,000 mt from last Thursday to 1.14 million mt as of April 22. Stocks in Wuxi and Nanhai mainly contributed to the decrease. The outbound quantity of aluminium billet increased 5,700 mt to 62,800 mt last week. Downstream demand warmed up, and the sentiment of receiving goods for rigid demand improved. Sales of new U.S. single-family homes rebounded more than expected in March, likely boosted by an acute shortage of previously owned houses on the market. The Commerce Department said on Friday that new home sales surged 20.7% to a seasonally adjusted annual rate of 1.021 million units last month. Technically market is under fresh buying as market has witnessed gain in open interest by 19.08% to settled at 1835 while prices up 0.2 rupees, now Aluminium is getting support at 191.9 and below same could see a test of 191.1 levels, and resistance is now likely to be seen at 193.6, a move above could see prices testing 194.5. 

Trading Ideas:            

*  Aluminium trading range for the day is 191.1-194.5.

*  Aluminium prices rose tracking Shanghai aluminium soars as China's production stalls

* Primary aluminium ingot inventories in China fell, showed data.

* Chinese production has indeed responded to the higher prices, national output rising by 6.4% in the first quarter, according to the IAI.

Mentha oil      

Mentha oil yesterday settled up by 0.22% at 962.1 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 gained by 26.5 Rupees to end at 1078.5 Rupees per 360 kgs.Technically market is under fresh buying as market has witnessed gain in open interest by 900% to settled at 10 while prices up 2.1 rupees, now Mentha oil is getting support at 956.7 and below same could see a test of 951.2 levels, and resistance is now likely to be seen at 966.1, a move above could see prices testing 970.         

Trading Ideas:            

* Mentha oil trading range for the day is 951.2-970.

* In Sambhal spot market, Mentha oil gained  by 26.5 Rupees to end at 1078.5 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 down by -4.8% at 7271 on profit booking after CME raises soybean futures (s) maintenance margins by 14.2% to $3,825 per contract from $3,350 for May 2021. Prices rallied in recent session on concerns about tightening global grain supplies triggered short-covering and fund-driven buying. The domestic 2020-21 soyabean crop would at best be 100 lakh tonnes, far less than the government estimate of 137 lt. Chinese demand for imported soyabean is projected at a record 100 million tonne this year to feed its burgeoning livestock. With the adverse impact of La Nina in the US, South America, Europe and closer home in South-East Asia, the entire oilseeds and oils complex is on fire. Overseas demand for soyabean extraction has been robust. From October 2020 to March 2021, soyameal exports have totalled 13.2 lt — a four-fold increase from 3.3 lt during the corresponding period in the previous year. Strong export demand for meal amid sluggish market arrivals of bean has pushed all the rates higher. Soyameal for export has moved from $470/tonne in October 2020 to test $600 currently. At the Indore spot market in top producer MP, soybean dropped -102 Rupees to 7710 Rupees per 100 kgs.Technically market is under long liquidation as market has witnessed drop in open interest by -7.15% to settled at 85460 while prices down -367 rupees, now Soyabean is getting support at 7096 and below same could see a test of 6922 levels, and resistance is now likely to be seen at 7582, a move above could see prices testing 7894.         

Trading Ideas:            

* Soyabean trading range for the day is 6922-7894.

* Soyabean prices dropped on profit booking after CME raises soybean maintenance margins by 14.2% to $3,825 per contract

* Prices rallied in recent session on concerns about tightening global grain supplies triggered short-covering and fund-driven buying.

* The domestic 2020-21 soyabean crop would at best be 100 lakh tonnes, far less than the government estimate of 137 lt.

*  At the Indore spot market in top producer MP, soybean dropped  -102 Rupees to 7710 Rupees per 100 kgs.

Ref.Soyaoil      

Ref.Soyaoil yesterday settled down by -2.74% at 1395 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 1449.05 Rupees per 10 kgs.Technically market is under long liquidation as market has witnessed drop in open interest by -5.19% to settled at 33980 while prices down -39.3 rupees, now Ref.Soya oil is getting support at 1376 and below same could see a test of 1355 levels, and resistance is now likely to be seen at 1427, a move above could see prices testing 1457.   

Trading Ideas:            

* Ref.Soya oil trading range for the day is 1355-1457.

* Ref soyoil ended with losses 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 1449.05 Rupees per 10 kgs.

Crude palm Oil      

Crude palm Oil yesterday settled down by -1.69% at 1206.7 on profit booking as 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. The Southern Peninsula Palm Oil Millers' Association in Malaysia estimated production during April 1-20 will be unchanged from the previous month. However downside seen limited lifted by estimates of tight production and tracking higher rival soyoil. Global commodity prices are expected to stay firm around current levels in 2021 after recovering in the first quarter buoyed by strong economic growth, the World Bank said. Exports of Malaysian palm oil products during April 1-20 rose between 10% and 12.7% from a month earlier, according to cargo surveyor data, but the rise in shipments was lower than market expectations. India's palm oil imports in March jumped 57% year on year as refiners increased purchases of the tropical oil to reduce expensive sunflower oil imports. Malaysia's end-March palm oil stocks jumped more than expected to a four-month top, boosted by higher imports and production, but a surge in exports kept domestic supply in check, data from the Malaysian Palm Oil Board showed. In spot market, Crude palm oil dropped by -2.5 Rupees to end at 1234 Rupees.Technically market is under long liquidation as market has witnessed drop in open interest by -18.64% to settled at 2161 while prices down -20.7 rupees, now CPO is getting support at 1186.2 and below same could see a test of 1165.8 levels, and resistance is now likely to be seen at 1229, a move above could see prices testing 1251.4. 

Trading Ideas:            

* CPO trading range for the day is 1165.8-1251.4.

* Crude palm oil dropped on profit booking as 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.

* The Southern Peninsula Palm Oil Millers' Association in Malaysia estimated production during April 1-20 will be unchanged from the previous month.

* In spot market, Crude palm oil gained  by 5.4 Rupees to end at 1241.9 Rupees.

Mustard Seed     

Mustard Seed yesterday settled down by -2.97% at 7110 on profit booking 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. 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.Technically market is under long liquidation as market has witnessed drop in open interest by -0.35% to settled at 73090 while prices down -218 rupees, now Rmseed is getting support at 6968 and below same could see a test of 6827 levels, and resistance is now likely to be seen at 7337, a move above could see prices testing 7565.

Trading Ideas:            

*  Rmseed trading range for the day is 6827-7565.

* Mustard seed prices dropped on profit booking after SOPA, MOPA and SEA have written a letter to SEBI to curb futures, as there is speculation in it.

* 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.

* 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 -1.6% at 8116 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 7673.55 Rupees dropped -21.45 Rupees.Technically market is under fresh selling as market has witnessed gain in open interest by 1.04% to settled at 9755 while prices down -132 rupees, now Turmeric is getting support at 8022 and below same could see a test of 7930 levels, and resistance is now likely to be seen at 8250, a move above could see prices testing 8386.    

Trading Ideas:            

* Turmeric trading range for the day is 7930-8386.

* Turmeric dropped on profit booking as pressure seen after prices dropped across various APMC yards mainly on account of slack demand.

* Turmeric prices are down as there is no demand because traders fear a fresh lockdown could result in stockists’ purchases dropping.

* Arrivals are good but there is no demand particularly from stockists.

*  In Nizamabad, a major spot market in AP, the price ended at 7673.55 Rupees dropped -21.45 Rupees.

Jeera​​​​​​​      

Jeera yesterday settled down by -0.67% at 14110 as prices remained under pressure in recent sessions 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 -1.29% to settled at 6213 while prices down -95 rupees, now Jeera is getting support at 14045 and below same could see a test of 13975 levels, and resistance is now likely to be seen at 14215, a move above could see prices testing 14315.   

Trading Ideas:            

* Jeera trading range for the day is 13975-14315.

* Jeera dropped as prices remained under pressure 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 1.44% at 21850 as worries over dry weather in the main growing state of Texas offset pressure from a dip in weekly exports. The U.S. Department of Agriculture's weekly export sales report showed net sales of 103,100 running bales for 2020/2021, down 16% from the previous week and 44% from the prior 4-week average. Support also seen as CAI estimated cotton exports to increase by 20% to 60 lakh bales in the 2020-21 season that begins in October, mainly due to higher international prices. CAI increases the production estimate to 360 lakh bales on higher output in North India. The second wave of Covid-19 is taking its toll on Gujarat’s textile industry which saw at least 25% decline in fabric production in the past 15-20 days. Since the beginning of April, production of fabric has gone down in the state from around 5.50 crore metres to almost 4 crore metres per day. Demand from textile traders has gone down drastically. If the situation doesn’t improve in next fortnight period, production of fabric would further plummet to as low as 50%. If the lockdown increases in Bangladesh, Indian cotton exports will be affected. CAI Crop Committee has estimated the total cotton supply till end of the cotton season 2020-21, that is up to September 30, at 496 lakh bales. In spot market, Cotton gained by 40 Rupees to end at 21900 Rupees.Technically market is under fresh buying as market has witnessed gain in open interest by 16.61% to settled at 7218 while prices up 310 rupees, now Cotton is getting support at 21680 and below same could see a test of 21500 levels, and resistance is now likely to be seen at 21960, a move above could see prices testing 22060.

Trading Ideas:            

* Cotton trading range for the day is 21500-22060.

* Cotton prices gained as worries over dry weather in the main growing state of Texas offset pressure from a dip in weekly exports.

* Support also seen as CAI estimated cotton exports to increase by 20% to 60 lakh bales in the 2020-21 season that begins in October

* USDA’s weekly export sales report showed net sales of 103,100 running bales for 2020/2021, down 16% from the previous week

* In spot market, Cotton gained  by 40 Rupees to end at 21900 Rupees.

Chana​​​​​​​      

Chana yesterday settled down by -1.4% at 5512 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 dropped by -176.35 Rupees to end at 5488.35 Rupees per 100 kgs.Technically market is under long liquidation as market has witnessed drop in open interest by -9.5% to settled at 114280 while prices down -78 rupees, now Chana is getting support at 5429 and below same could see a test of 5347 levels, and resistance is now likely to be seen at 5587, a move above could see prices testing 5663.    

Trading Ideas:            

* Chana trading range for the day is 5347-5663.

* Chana prices fall 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

* 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 dropped  by -176.35 Rupees to end at 5488.35 Rupees per 100 kgs.

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