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Gold

Gold yesterday settled down by -0.15% at 47462 as prices steadied in a relatively tight range as investors awaited policy cues from the Federal Reserve's meeting this week. New orders for key U.S.-made capital goods rose solidly in March and shipments surged, cementing expectations that economic growth accelerated in the first quarter as massive government aid and improving public health boosted demand. The strength in business spending reported by the Commerce Department joined upbeat data on retail sales and the labor market in setting up the economy for what analysts expect will be its best performance this year in nearly four decades. The two-day Fed meeting is scheduled to begin on Tuesday, with investors' attention focused particularly on what Fed Chair Jerome Powell will say in his post-meeting news conference on Wednesday. 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 long liquidation as market has witnessed drop in open interest by -1.24% to settled at 10813 while prices down -70 rupees, now Gold is getting support at 47260 and below same could see a test of 47058 levels, and resistance is now likely to be seen at 47657, a move above could see prices testing 47852.
Trading Ideas:
* Gold trading range for the day is 47058-47852.
* Gold prices steadied in a relatively tight range as investors awaited policy cues from the Federal Reserve's meeting this week.
* India's physical gold demand faltered last week as strict restrictions to contain the spread of COVID-19 kept buyers away.
* Speculators raised their bullish positions in COMEX gold in the week to April 20, the U.S. CFTC said.

Silver

Silver yesterday settled up by 0.01% at 68680 as prices traded in range as the dollar index weakened, heading into the FOMC meeting. The dollar slumped to an almost eight-week low against other major currencies amid speculation that Fed Chair Jerome Powell will stick to the stance of super-easy monetary policy while the Federal Open Market Committee (FOMC) ends its two-day meeting on Wednesday. Amid signs of rising inflation, markets will be hanging on his every word at the press conference. In economic releases, reports on durable goods orders, consumer confidence and personal income and spending may attract attention along with the preliminary reading on first quarter GDP. 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. 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. Technically market is under short covering as market has witnessed drop in open interest by -5.58% to settled at 7795 while prices up 6 rupees, now Silver is getting support at 68011 and below same could see a test of 67342 levels, and resistance is now likely to be seen at 69393, a move above could see prices testing 70106.
Trading Ideas:
* Silver trading range for the day is 67342-70106.
* Silver prices traded in range as the dollar index weakened, heading into the FOMC meeting.
* Amid signs of rising inflation, markets will be hanging on his every word at the press conference.
* 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.

Crude oil

Crude oil yesterday settled up by 0.13% at 4658 on reports the Organization of the Petroleum Exporting Countries (OPEC) and its allies are likely to delay their plans to any significantly increase crude output for now. The OPEC+ joint technical committee (JTC) has kept its forecast for growth in global oil demand this year, but is concerned about surging COVID-19 cases in India and elsewhere, three sources from the producer group told. In its most recent monthly oil market report, the Organization of the Petroleum Exporting Countries (OPEC) raised its forecast for global oil demand growth by 70,000 barrels per day (bpd) to 5.95 million bpd. "Demand growth is still at 6 million bpd for 2021," one of the sources said. The JTC meeting also expressed concern about rising COVID-19 cases in India, Japan and Brazil, the sources added. The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, surprised the market at its April 1 meeting by agreeing to ease production curbs by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and a further 400,000 bpd or so in July. The producer group will hold a largely technical meeting this week, with major changes to policy unlikely, Russian Deputy Prime Minister and OPEC+ sources said last week. Technically market is under fresh buying as market has witnessed gain in open interest by 9.81% to settled at 5140 while prices up 6 rupees, now Crude oil is getting support at 4588 and below same could see a test of 4519 levels, and resistance is now likely to be seen at 4695, a move above could see prices testing 4733.
Trading Ideas:
* Crude oil trading range for the day is 4519-4733.
* Crude oil recovered to end with gains on reports the OPED+ are likely to delay their plans to any significantly increase crude output for now.
* OPEC+ keeps oil demand forecast, but worried by COVID surge
* OPEC raised its forecast for global oil demand growth by 70,000 barrels per day (bpd) to 5.95 million bpd.

Nat.Gas

Nat.Gas yesterday settled up by 1.12% at 207 on weather and demand forecasts that were mostly unchanged from the prior day. Prices rose last week on a smaller-than-expected storage build, record exports and small declines in production. U.S. natural gas production will edge up in 2021, while demand declines for a second year in a row as economic fallout from coronavirus lockdowns continue to plague the market, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO). The EIA projected dry gas production will rise to 91.35 billion cubic feet per day (bcfd) in 2021 and 92.83 bcfd in 2022 from 91.34 bcfd in 2020. That compares with an all-time high of 93.06 bcfd in 2019. It also projected gas consumption would fall to 82.52 bcfd in 2021 and 81.60 bcfd in 2022 from 83.25 bcfd in 2020. That compares with a record high of 85.15 bcfd in 2019. If the outlook is correct, 2021 would mark the first time consumption falls for two consecutive years since 2006, and 2022 would be the first time it falls for three years since 1983. EIA’s projections for 2021 in March were higher than its February forecasts of 90.50 bcfd for supply and 81.71 bcfd for demand. Technically market is under short covering as market has witnessed drop in open interest by -48.99% to settled at 2095 while prices up 2.3 rupees, now Natural gas is getting support at 203.5 and below same could see a test of 200 levels, and resistance is now likely to be seen at 209, a move above could see prices testing 211.
Trading Ideas:
* Natural gas trading range for the day is 200-211.
* Natural gas rose on weather and demand forecasts that were mostly unchanged from the prior day.
* Support also seen due to 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 2.12% at 755.55 as Chile supply concerns, sliding inventories, a weaker dollar and expected strong demand from top consumer China triggered fresh buying. Spot copper treatment charges (TCs) in top consumer China increased by $2 to $32.50 a tonne as of April 25, data from industry information provider Asian Metal shows, marking the first time they have risen since August. The charges, paid by miners to smelters to process copper concentrate into refined metal, had fallen more than 35% from an already low $50.50 in January to a 10-year trough of $30.50 amid tight supply. Traders have been picking up concentrate from South America at TCs as low as $10 in recent weeks to secure material. Smelters, for whom TCs are a key source of revenue, have to accept lower rates when supply is tight. 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. For the first month of the year, the market was in a 28,000 tonnes surplus compared with a 34,000 tonnes deficit in the same period a year earlier, the ICSG said. World refined copper output in January was 2.10 million tonnes, while consumption was 2.07 million tonnes. Technically market is under fresh buying as market has witnessed gain in open interest by 16.43% to settled at 4352 while prices up 15.65 rupees, now Copper is getting support at 746 and below same could see a test of 736.5 levels, and resistance is now likely to be seen at 760.5, a move above could see prices testing 765.5.
Trading Ideas:
* Copper trading range for the day is 736.5-765.5.
* Copper prices gained as Chile supply concerns, sliding inventories, a weaker dollar and expected strong demand from top consumer China triggered fresh buying.
* China copper treatment charges rise for 1st time since August
* Copper market in 28,000 tonnes surplus in Jan 2021 – ICSG

Zinc

Zinc yesterday settled up by 2.5% at 235.65 boosted by expectations for higher demand for the metal on the back of strong global economic recovery this year supported by massive economic stimulus and smooth vaccination drive. The dollar edged lower amid speculation that U.S. Federal Reserve Chairman Jerome Powell will shun talk of tapering bond purchases at a policy meeting this week, making greenback-priced metals cheaper to holders of other currencies. Support seen as downstream restocked at low prices, and zinc stocks fell 18,700 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. Technically market is under fresh buying as market has witnessed gain in open interest by 19.97% to settled at 2271 while prices up 5.75 rupees, now Zinc is getting support at 232.1 and below same could see a test of 228.6 levels, and resistance is now likely to be seen at 237.5, a move above could see prices testing 239.4.
Trading Ideas:
* Zinc trading range for the day is 228.6-239.4.
* Zinc prices increased boosted by expectations for higher demand on the back of strong global economic recovery this year supported by massive economic stimulus
* 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 1.31% at 1256.2 rising alongside record high steel prices on robust demand and concerns over production curbs in China. 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. Technically market is under fresh buying as market has witnessed gain in open interest by 34.76% to settled at 1287 while prices up 16.2 rupees, now Nickel is getting support at 1245.6 and below same could see a test of 1234.9 levels, and resistance is now likely to be seen at 1263, a move above could see prices testing 1269.7.
Trading Ideas:
* Nickel trading range for the day is 1234.9-1269.7.
* Nickel prices rallied rising alongside record high steel prices on robust demand and concerns over production curbs in China
* 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 1.17% at 194.8 as support seen on shrinking LME aluminium stocks, improving overseas economic and weak US dollar supported prices. 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. Technically market is under fresh buying as market has witnessed gain in open interest by 15.69% to settled at 2123 while prices up 2.25 rupees, now Aluminium is getting support at 193.3 and below same could see a test of 191.8 levels, and resistance is now likely to be seen at 195.7, a move above could see prices testing 196.6.
Trading Ideas:
* Aluminium trading range for the day is 191.8-196.6.
* Aluminium rose as support seen on shrinking LME aluminium stocks, improving overseas economic and weak US dollar supported prices.
* Shanghai aluminium prices as the Chinese market gears up for a seasonal demand peak.
* Primary aluminium ingot inventories in China fell, showed data.

Mentha oil

Mentha oil yesterday settled down by -0.65% at 955.8 amid worries of lockdown it is anticipated that there will be slow supply and same with demand in domestic as well as in the international market. Due to favourable wheather condition,the production of mentha in the states has improved and is at much better terms compare to last year. Sowing data is adequate and it is expected that Mentha can hit the market by 15th of June. Mentha has high demand in the production of cosmetics and confectionery goods but as it is not considered as necessity in present scenerio it is not much in demand. The COVID-19 outbreak has had a huge impact on the worldwide economy, and has posed a similar influence on the aroma chemicals market. The market has been faced with the lack of migrant labor, supply chain disruptions, shutdown of manufacturing activities, to name a few. In India, mentha is grown on 3,27,000-3,34,000 hectares, producing about 33,000-35,000 tonnes, accounting for 80 per cent share globally. With the boom in demand for oil and its derivatives in export markets, mentha production continued to rise until 2010. However, with the entry of synthetic menthol, the demand, price and production of mentha were hit. In Sambhal spot market, Mentha oil dropped by -25.6 Rupees to end at 1052.9 Rupees per 360 kgs.Technically market is under fresh selling as market has witnessed gain in open interest by 60% to settled at 16 while prices down -6.3 rupees, now Mentha oil is getting support at 953.2 and below same could see a test of 950.6 levels, and resistance is now likely to be seen at 959.2, a move above could see prices testing 962.6.
Trading Ideas:
* Mentha oil trading range for the day is 950.6-962.6.
* In Sambhal spot market, Mentha oil dropped  by -25.6 Rupees to end at 1052.9 Rupees per 360 kgs.
* Mentha oil rices 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 -5.83% at 6847 on continues profit booking after 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. India is likely to receive “normal” monsoon rainfall this year, the India Meteorological Department (IMD) has said as part of its official April forecast. Except for parts of eastern and northeastern India, many parts of the country are expected to get “above normal” rainfall, the IMD’s models show. 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. At the Indore spot market in top producer MP, soybean dropped -476 Rupees to 7234 Rupees per 100 kgs.Technically market is under long liquidation as market has witnessed drop in open interest by -6.25% to settled at 80115 while prices down -424 rupees, now Soyabean is getting support at 6677 and below same could see a test of 6506 levels, and resistance is now likely to be seen at 7177, a move above could see prices testing 7506.
Trading Ideas:
* Soyabean trading range for the day is 6506-7506.
* Soyabean dropped on continues profit booking after the SEA has stressed the need to impose more measures to check the excessive speculative activity
* CME raises soybean maintenance margins by 14.2% to $3,825 per contract
* 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  -476 Rupees to 7234 Rupees per 100 kgs.

Ref.Soyaoil

Ref.Soyaoil yesterday settled down by -1.18% at 1378.5 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 1420 Rupees per 10 kgs.Technically market is under long liquidation as market has witnessed drop in open interest by -4.21% to settled at 32550 while prices down -16.5 rupees, now Ref.Soya oil is getting support at 1362 and below same could see a test of 1345 levels, and resistance is now likely to be seen at 1398, a move above could see prices testing 1417.
Trading Ideas:
* Ref.Soya oil trading range for the day is 1345-1417.
* 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 1420 Rupees per 10 kgs.

Crude palm Oil

Crude palm Oil yesterday settled down by -0.17% at 1204.7 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. The Southern Peninsula Palm Oil Millers' Association in Malaysia estimated production during April 1-20 will be unchanged from the previous month. 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 -17.5 Rupees to end at 1216.5 Rupees.Technically market is under long liquidation as market has witnessed drop in open interest by -18% to settled at 1772 while prices down -2 rupees, now CPO is getting support at 1196.6 and below same could see a test of 1188.4 levels, and resistance is now likely to be seen at 1212.5, a move above could see prices testing 1220.2.
Trading Ideas:
* CPO trading range for the day is 1188.4-1220.2.
* Crude palm oil 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 -17.5 Rupees to end at 1216.5 Rupees.

Mustard Seed

Mustard Seed yesterday settled down by -5.01% at 6754 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 -3.3% to settled at 70680 while prices down -356 rupees, now Rmseed is getting support at 6620 and below same could see a test of 6485 levels, and resistance is now likely to be seen at 6995, a move above could see prices testing 7235.
Trading Ideas:
* Rmseed trading range for the day is 6485-7235.
* 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 -3.75% at 7812 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 long liquidation as market has witnessed drop in open interest by -8.41% to settled at 8935 while prices down -304 rupees, now Turmeric is getting support at 7716 and below same could see a test of 7618 levels, and resistance is now likely to be seen at 7988, a move above could see prices testing 8162.
Trading Ideas:
* Turmeric trading range for the day is 7618-8162.
* 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 -2.45% at 13765 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 -4.97% to settled at 5904 while prices down -345 rupees, now Jeera is getting support at 13665 and below same could see a test of 13560 levels, and resistance is now likely to be seen at 13940, a move above could see prices testing 14110.
Trading Ideas:
* Jeera trading range for the day is 13560-14110.
*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 down by -0.18% at 21810 tracking weakness in other commodities due to demand concerns amid rising COVID cases in Asian countries. 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 150 Rupees to end at 22050 Rupees.Technically market is under fresh selling as market has witnessed gain in open interest by 15.59% to settled at 8343 while prices down -40 rupees, now Cotton is getting support at 21700 and below same could see a test of 21580 levels, and resistance is now likely to be seen at 21950, a move above could see prices testing 22080.
Trading Ideas:
* Cotton trading range for the day is 21580-22080.
* Cotton prices dropped tracking weakness in other commodities due to demand concerns amid rising COVID cases in Asian countries.
* However, 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 150 Rupees to end at 22050 Rupees.

Chana

Chana yesterday settled down by -3.99% at 5292 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 -191.95 Rupees to end at 5296.4 Rupees per 100 kgs.Technically market is under long liquidation as market has witnessed drop in open interest by -6.45% to settled at 106910 while prices down -220 rupees, now Chana is getting support at 5228 and below same could see a test of 5165 levels, and resistance is now likely to be seen at 5418, a move above could see prices testing 5545.
Trading Ideas:
* Chana trading range for the day is 5165-5545.
* 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 -191.95 Rupees to end at 5296.4 Rupees per 100 kgs.

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