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Gold

Gold yesterday settled up by 0.61% at 47225 buoyed by a pullback in U.S. Treasury yields and some safe-haven buying spurred by COVID-19 related concerns, with investors looking for more direction from the Federal Reserve on monetary policy. Support seen after data showed U.S. consumer sentiment plummeted in August, helping the metal recover from steep declines in the earlier part of last week after bets for tapering got a fillip from recent strong labour data. Investors now await direction from Fed Chairman Jerome Powell and the central bank's minutes from its July policy meeting. U.S. Treasury yields were pinned near more than a week low, reducing the opportunity cost of holding the non-interest bearing bullion. Physical gold demand in Asia got a fillip as consumers snapped up bargains after prices dipped across regions, with premiums in top consumers India and China rebounding to multi-month highs. Dealers in India were charging premiums of up to $5 an ounce, the highest in five months, over official domestic prices compared with last week’s $1 premiums. In China, premiums rose to their highest since early June at $5-$10 per ounce over global benchmark spot gold prices from the $1-$4 range last week. Technically market is under fresh buying as market has witnessed gain in open interest by 1.97% to settled at 12731 while prices up 285 rupees, now Gold is getting support at 46934 and below same could see a test of 46643 levels, and resistance is now likely to be seen at 47398, a move above could see prices testing 47571.

Trading Ideas:
* Gold trading range for the day is 46643-47571.
* Gold extended its recovery buoyed by a pullback in U.S. Treasury yields and some safe-haven buying spurred by COVID-19 related concerns.
* Support seen after data showed U.S. consumer sentiment plummeted in August
* Markets are also keeping a close watch on turmoil in Afghanistan.

Silver

Silver yesterday settled up by 0.35% at 63457 as investors continue to worry weak data and the rapid spread of the coronavirus delta variant are pointing to a slowdown in global economic recovery. The growth in Chinese retail sales and industrial output slowed while US consumer sentiment cooled to a near decade-low. The New York Federal Reserve said its barometer of manufacturing business activity in New York State declined more than expected in August after growing at a record-setting pace in the month before. The regional Fed’s “Empire State” index on current business conditions fell around 25 points to 18.3, lower than a reading of 29.0 forecasted. The index had hit a record high of 43 in July. Meanwhile, investors await more clarity from the Fed on the tapering timeline with FOMC minutes due on Wednesday and a town hall meeting with Chair Jerome Powell on Tuesday. U.S. consumer sentiment dropped sharply in early August to its lowest level in a decade, in a worrying sign for the economy as Americans gave faltering outlooks on everything from personal finances to inflation and employment, a survey showed. The unexpected reading could give Federal Reserve policymakers pause if it translates in the months ahead to a dent in economic activity. Technically market is under short covering as market has witnessed drop in open interest by -4.58% to settled at 9766 while prices up 219 rupees, now Silver is getting support at 62767 and below same could see a test of 62076 levels, and resistance is now likely to be seen at 63843, a move above could see prices testing 64228.

Trading Ideas:

* Silver trading range for the day is 62076-64228.
* Silver remained supported as the rapid spread of the coronavirus delta variant are pointing to a slowdown in global economic recovery.
* The growth in Chinese retail sales and industrial output slowed while US consumer sentiment cooled to a near decade-low.
* U.S. consumer sentiment dropped sharply in early August to its lowest level in a decade

Crude oil

"Crude oil yesterday settled down by -1.48% at 5006 after official data showed refining throughput and economic activity slowed in China, an indication that COVID-19 outbreaks are crimping the world's second-largest economy. Chinese factory output and retail sales growth slowed sharply in July, data showed, missing expectations as flooding and fresh outbreaks of COVID-19 disrupted business activity. China's crude oil processing last month also fell to the lowest level on a daily basis since May 2020 as independent refiners cut production in the face of tighter quotas, elevated inventories and falling profits. OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months despite U.S. pressure to add more crude to arrest an oil price rise. Last week, U.S. President Joe Biden's administration urged OPEC and its allies to boost oil output to tackle rising gasoline prices that they see as a threat to the global economic recovery. OPEC+ agreed in July to boost output by 400,000 barrels per day a month starting in August until its current oil output reductions of 5.8 million bpd are fully phased out. Money managers reduced their net-long U.S. crude futures and options holdings in the week to Aug. 10, the U.S. Commodity Futures Trading Commission (CFTC) said.
Technically market is under long liquidation as market has witnessed drop in open interest by -15.9% to settled at 4543 while prices down -75 rupees, now Crude oil is getting support at 4906 and below same could see a test of 4807 levels, and resistance is now likely to be seen at 5078, a move above could see prices testing 5151."

Trading Ideas:
* Crude oil trading range for the day is 4807-5151.
* Crude oil dropped after official data showed refining throughput and economic activity slowed in China
* OPEC+ sees no need to speed up oil cuts easing despite U.S. calls
* Chinese factory output and retail sales growth slowed sharply in July, data showed

Natural gas

Nat.Gas yesterday settled up by 2.15% at 294.6 as overall national demand will be moderate to high through late in the week, then high. Also this week EIA report will be smaller than the 5-year average due to widespread heat over the US this past week. The U.S. Energy Information Administration (EIA) said utilities added 49 billion cubic feet (bcf) of gas into storage during the week ended Aug. 6. Last week's injection boosted stockpiles to 2.776 trillion cubic feet (tcf), or 6.0% below the five-year average of 2.954 tcf for this time of year. Data provider Refinitiv said gas output in the U.S. Lower 48 states rose to an average of 92.0 billion cubic feet per day (bcfd) so far in August from 91.6 bcfd in July. That compares with an all-time high of 95.4 bcfd in November 2019. But with European and Asian gas both trading over $15 per mmBtu, compared with just $4 for the U.S. fuel, analysts said buyers around the world would keep purchasing all the LNG the United States can produce. U.S. pipeline exports to Mexico have slipped to an average of 6.3 bcfd so far in August from 6.6 bcfd in July and a record 6.7 bcfd in June. Technically market is under fresh buying as market has witnessed gain in open interest by 6.28% to settled at 10033 while prices up 6.2 rupees, now Natural gas is getting support at 286.8 and below same could see a test of 278.9 levels, and resistance is now likely to be seen at 299.3, a move above could see prices testing 303.9.

Trading Ideas:
* Natural gas trading range for the day is 278.9-303.9.
* Natural gas prices gained as overall national demand will be moderate to high through late in the week, then high.
* Also this week EIA report will be smaller than the 5-year average due to widespread heat over the US this past week.
* EIA said utilities added 49 billion cubic feet (bcf) of gas into storage during the week ended Aug. 6.
 

Copper 

Copper yesterday settled down by -0.95% at 726.35 after data from top metals consumer China disappointed investors and showed signs of increasing pressure on the world's second-biggest economy. Both factory output and retail sales in China rose more slowly than expected in July from a year ago, as export growth cooled and new COVID-19 outbreaks disrupted business. China is the world's biggest copper consumer, while copper is often used as a gauge of global economic health. Chile's Codelco said on Friday its Andina mine was operating at reduced levels due to a strike that started the previous day over stalemated labour contract talks. China’s central bank injected billions of yuan through medium-term loans into the financial system, which many market participants interpreted as an effort to prop up the economy, although the cost of such borrowing was left unchanged. Widening outbreaks of the Delta variant across the country, torrential rains and flooding, and slowing economic growth momentum suggested by recent data all required more easing measures to cushion the slowdown. The People’s Bank of China (PBOC) kept the rate on a one-year medium-term lending facility (MLF) loan worth 600 billion yuan ($92.64 billion) to some financial institutions steady at 2.95% from previous operations. Technically market is under fresh selling as market has witnessed gain in open interest by 5.74% to settled at 4404 while prices down -7 rupees, now Copper is getting support at 722.2 and below same could see a test of 717.9 levels, and resistance is now likely to be seen at 730.9, a move above could see prices testing 735.3.

Trading Ideas:
* Copper trading range for the day is 717.9-735.3.
* Copper prices declined after data from top metals consumer China disappointed investors and showed signs of increasing pressure on the economy.
* China economy under pressure as factory output, retail sales growth slow sharply
* Chile's Codelco said its Andina mine was operating at reduced levels due to a strike that started the previous day over stalemated labour contract talks.

Zinc

Zinc yesterday settled up by 0.04% at 250.2 as social inventories of zinc ingots in Shanghai, Guangdong and Tianjin fell 1300 mt, while those across seven major markets declined by 1600 mt over the weekend. On the macro front, China economic indexes were mostly below expectations, triggering market concerns over the recovery process. Meanwhile, the resurgence of COVID-19 pandemic since end of July will bring more uncertainties to Chinese economy, and keep disrupting the consumption market. China’s new home prices rose at the slowest clip in six months in July, as authorities further tightened rules in the red-hot property sector, including limits on some categories of purchases. Average new home prices in China’s 70 major cities rose 0.3% in July from a month earlier, slowing from a 0.5% gain in June, according to Reuters calculations based on data released by the National Bureau of Statistics (NBS). Separate showed property investment also rose at a slower pace in January-July from a year earlier, amid tightened financing rules. China’s property market rebounded quickly from the COVID-19 crisis last year, triggering concerns about financial risks in an overheated market. Technically market is under fresh buying as market has witnessed gain in open interest by 2.99% to settled at 1656 while prices up 0.1 rupees, now Zinc is getting support at 248.5 and below same could see a test of 246.7 levels, and resistance is now likely to be seen at 251.4, a move above could see prices testing 252.5.

Trading Ideas:
* Zinc trading range for the day is 246.7-252.5.
* Zinc prices remained supported as social inventories of zinc ingots in Shanghai, Guangdong and Tianjin fell 1300 mt
* On the macro front, China economic indexes were mostly below expectations, triggering market concerns over the recovery process.
* Meanwhile, the resurgence of COVID-19 pandemic since end of July will bring more uncertainties to Chinese economy

Nickel

Nickel yesterday settled down by -0.38% at 1483.6 as China’s factory output and retail sales growth slowed sharply and missed expectations in July, as new COVID-19 outbreaks and floods disrupted business operations, adding to signs the economic recovery is losing momentum. Industrial production in the world’s second largest economy increased 6.4% year-on-year in July, according to data released by the National Bureau of Statistics (NBS), against expectations for 7.8% growth and after rising 8.3% in June. Retail sales increased 8.5% last month, far lower than the forecast 11.5% increase and June’s 12.1% uptick. China’s economy has rebounded to its pre-pandemic growth levels, but the expansion is losing steam as businesses grapple with higher costs and supply bottlenecks. China’s central bank injected billions of yuan through medium-term loans into the financial system, which many market participants interpreted as an effort to prop up the economy, although the cost of such borrowing was left unchanged. Widening outbreaks of the Delta variant across the country, torrential rains and flooding, and slowing economic growth momentum suggested by recent data all required more easing measures to cushion the slowdown. Technically market is under long liquidation as market has witnessed drop in open interest by -11.85% to settled at 1533 while prices down -5.6 rupees, now Nickel is getting support at 1476.2 and below same could see a test of 1468.8 levels, and resistance is now likely to be seen at 1489.5, a move above could see prices testing 1495.4.

Trading Ideas:
* Nickel trading range for the day is 1468.8-1495.4.
* Nickel prices dropped as China’s factory output and retail sales growth slowed sharply and missed expectations in July
* China cbank offers more medium-term loan than expected to cushion economic slowdown
* Retail sales increased 8.5% last month, far lower than the forecast 11.5% increase and June’s 12.1% uptick.

Aluminium

Aluminium yesterday settled remain unchangeby 0% at 208.15 recovering from lows China's aluminium output in July slipped for a third month, with daily average levels at the lowest since October 2020, as continued power shortages kept smelter operating rates low. The world's top producer of the metal churned out 3.26 million tonnes of primary aluminium last month, the National Bureau of Statistics said. That was down from June's 3.29 million tonnes but up 7.4% year-on-year. Record aluminium prices in the United States and Europe will be sustained by Russia's mining tax for some months, but attempts to push prices even higher are likely to face headwinds from traders cashing in their stocks. Russia has imposed a 15% tax or a minimum of $254 a tonne on aluminium exports between August and December. Rusal, Russia's only aluminium producer, accounted for 6% of global supplies estimated at 65 million tonnes last year. China’s factory output and retail sales growth slowed sharply and missed expectations in July, as new COVID-19 outbreaks and floods disrupted business operations, adding to signs the economic recovery is losing momentum. Industrial production in the world’s second largest economy increased 6.4% year-on-year in July, according to data released by the National Bureau of Statistics (NBS). Technically market is under long liquidation as market has witnessed drop in open interest by -10.61% to settled at 1736 while prices remain unchanged 0 rupees, now Aluminium is getting support at 207.1 and below same could see a test of 206 levels, and resistance is now likely to be seen at 208.8, a move above could see prices testing 209.4.

Trading Ideas:
* Aluminium trading range for the day is 206-209.4.
* Aluminium settled flat recovering from lows as China July aluminium output falls for third month on power squeeze
* The world's top producer of the metal churned out 3.26 million tonnes of primary aluminium last month, the National Bureau of Statistics said.
* Record aluminium prices in the United States and Europe will be sustained by Russia's mining tax for some months
 

Mentha oil 

Mentha oil yesterday settled down by -0.45% at 933.4 as average yield in Barabanki is improved by 5-6 kgs per acre due to better weather. Pressure seen arrivals likely to increase due to favourable weather conditions. Daily arrivals should gradually pick up to 400-500 drums in next 7-10 days. Last week, prices rallied. The Lucknow-based Central Institute of Medicinal and Aromatic Plants estimates that this adverse effect of rains on the crop is expected to reduce production by 30% in the last two weeks. The crop is prone to rain because the leaves of the crop start falling due to waterlogging in the field. Most of the farmers have planted Mentha crops and this rain is not less than acid for 50 percent of Mentha crop. Last month, support seen due to the rotting of the crop due to stagnant water in the field. The past few weeks have been painful as heavy rains in the pre-monsoon season have damaged the mentha crop which was ready for harvesting. Due to drowning in the water, the rows have started to wither. With the harvesting of the crop, oil extraction work has also started. In Sambhal spot market, Mentha oil gained by 0.4 Rupees to end at 1032.1 Rupees per 360 kgs.Technically market is under long liquidation as market has witnessed drop in open interest by -0.2% to settled at 1016 while prices down -4.2 rupees, now Mentha oil is getting support at 931 and below same could see a test of 928.6 levels, and resistance is now likely to be seen at 937.4, a move above could see prices testing 941.4.

Trading Ideas:
* Mentha oil trading range for the day is 928.6-941.4.
* In Sambhal spot market, Mentha oil gained  by 0.4 Rupees to end at 1032.1 Rupees per 360 kgs.
* Mentha oil prices dropped as average yield in Barabanki improved
* Pressure seen arrivals likely to increase due to favourable weather conditions.
* The past few weeks have been painful as heavy rains in the pre-monsoon season have damaged the mentha crop which was ready for harvesting.
 

Soyabean

Soyabean yesterday settled down by -0.84% at 7569 after India is all set to import 12 lakh tonne of genetically modified soyameal, used as livestock feed, after the environment ministry and DGFT cleared the air on the GM issue, a senior Animal Husbandry and Dairying Ministry official said. Meanwhile, the food ministry -- after taking a call on this issue in a review meeting on prices and availability of essential commodities -- asked the DGFT and other concerned departments to immediately facilitate the import of 12 lakh tonne of soyameal. The U.S. Department of Agriculture cut its U.S. production and yield estimates from last month. The USDA, in a monthly report, estimated U.S. soybean production at 4.339 billion bushels, with an average yield of 50.0 bushels per acre. That was down from 4.405 billion bushels and a yield of 50.8 bushels per acre in July. Exporters sold 132,000 tonnes of U.S. soybeans to China for the 2021/2022 marketing year, as well as 198,000 tonnes to unknown destinations, the USDA said separately. It was the latest in a string of recent soybean sales. China has lowered its estimates of soybean imports in the year 2020/21 following a decline in crush margins, the Ministry of Agriculture and Rural Affairs said in its monthly crop report. At the Indore spot market in top producer MP, soybean gained 631 Rupees to 9192 Rupees per 100 kgs.Technically market is under fresh selling as market has witnessed gain in open interest by 20.08% to settled at 17880 while prices down -64 rupees, now Soyabean is getting support at 7295 and below same could see a test of 7021 levels, and resistance is now likely to be seen at 7965, a move above could see prices testing 8361.

Trading Ideas:
* Soyabean trading range for the day is 7021-8361.
* Soyabean dropped after India to import 1.2 mn tonne GM soyameal after govt clears air
* U.S. Department of Agriculture cut its U.S. production and yield estimates from last month.
* The USDA, in a monthly report, estimated U.S. soybean production at 4.339 billion bushels, with an average yield of 50.0 bushels per acre.
* At the Indore spot market in top producer MP, soybean gained  631 Rupees to 9192 Rupees per 100 kgs.

Soyaoil 

Ref.Soyaoil yesterday settled down by -0.04% at 1411.7 tracking weakness in Soyabean and CPO prices after seen supported by lingering concerns over tight supply. Edible oil prices are likely to remain elevated till the arrival of new crop in the October-November period, industry officials said. The rates are unlikely to come down anytime soon as India meets more than half of domestic demand through imports, BV Mehta, executive director, Solvent Extractors Association of India (SEA) said. The soybean oil price has surged due to efforts of making renewable bio-diesel fuel from it in the US, Brazil and other countries. Total oilseeds production in the country during 2020-21 is estimated at record 36.10 million tonnes which is higher by 2.88 million tonnes than the production during 2019-20. Further, the production of oilseeds during 2020-21 is higher by 5.56 million tonnes than the average oilseeds production of 30.55 million tonnes. India's imports of sunflower oil could rise to a record in 2021/22 as potential bumper crops in Russia and Ukraine pull prices below rival soyoil, making it lucrative for price-sensitive buyers from the subcontinent, industry officials said. India is the world's biggest importer of edible oils and higher purchases of sunflower oil could help exporters such as Argentina, Russia and Ukraine to dispose of surplus output. At the Indore spot market in Madhya Pradesh, soyoil was steady at 1439.5 Rupees per 10 kgs.Technically market is under fresh selling as market has witnessed gain in open interest by 8.8% to settled at 33495 while prices down -0.6 rupees, now Ref.Soya oil is getting support at 1401 and below same could see a test of 1389 levels, and resistance is now likely to be seen at 1429, a move above could see prices testing 1445.

Trading Ideas:
* Ref.Soya oil trading range for the day is 1389-1445.
* Ref soyoil dropped tracking weakness in Soyabean and CPO prices after seen supported by lingering concerns over tight supply.
* Edible oil prices are likely to remain elevated till the arrival of new crop in the October-November period, industry officials said.
* The soybean oil price has surged due to efforts of making renewable bio-diesel fuel from it in the US, Brazil and other countries.
* At the Indore spot market in Madhya Pradesh, soyoil was steady at 1439.5 Rupees per 10 kgs.

Crude palm Oil 

Crude palm Oil yesterday settled up by 0.04% at 1182.5 after exports of Malaysian palm oil products for Aug. 1-15 fell 15.3 percent to 577,972 tonnes from 682,426 tonnes shipped during Jul. 1-15. However support seen earlier amid lower stockpiles and tightening production. Importing nations stockpile the edible oil, with bullish Malaysian Palm Oil Board data expected to provide further support. The prices was supported by stockpiling activities in importing countries, such as key buyer China, as arriving shipments face quarantine measures due to COVID-19. Malaysia's end-July palm oil end-stocks fell 7.3% from June to 1.5 million tonnes, data from industry regulator the Malaysian Palm Oil Board (MPOB) showed. Crude palm oil production declined 5.17% from June to 1.52 million tonnes, while palm oil exports fell 0.75% to 1.41 million tonnes, the MPOB said. Exports of Malaysian palm oil products for Aug. 1-10 fell between 10% and 12.8% from the same period in July, cargo surveyors said. India will launch a 110 billion rupee ($1.48 billion) plan to boost domestic oilseed production to make the country self-sufficient in edible oil, Prime Minister Narendra Modi said, a move that will cut costly vegetable oil imports. India is the world's biggest vegetable oil importer and spends an average of $8.5-$10 billion annually on edible oil imports. In spot market, Crude palm oil gained by 15.5 Rupees to end at 1221.5 Rupees.Technically market is under fresh buying as market has witnessed gain in open interest by 0.02% to settled at 6021 while prices up 0.5 rupees, now CPO is getting support at 1173.6 and below same could see a test of 1164.6 levels, and resistance is now likely to be seen at 1193.1, a move above could see prices testing 1203.6.

Trading Ideas:
* CPO trading range for the day is 1164.6-1203.6.
* Crude palm oil pared gains after exports of Malaysian palm oil products for Aug. 1-15 fell 15.3 percent to 577,972 tonnes.
* However support seen earlier amid lower stockpiles and tightening production.
* Exports of Malaysian palm oil products for Aug. 1-10 fell between 10% and 12.8% from the same period in July
* In spot market, Crude palm oil gained  by 15.5 Rupees to end at 1221.5 Rupees.

Mustard Seed

Mustard Seed yesterday settled up by 0.03% at 7915 as prices pared gains on profit booking after prices rose as USDA estimates Canada rapeseed production for marketing year 2021/22 at 16.0 million metric tons (mmt), down 4.2 mmt (21 percent) from last month, 3.0 mmt (16 percent) from last year, and 20 percent below the 5-year average. Harvested area is estimated at 8.7 million hectares, down 3 percent from last month, but 4 percent above last year, and roughly equivalent to the 5-year average. The month-to-month decrease in area is due to the expectation of weather-related abandonment with prospects for hay being the best use. Yield is estimated at 1.84 metric tons per hectare, down 18 percent from last month and 20 percent below the 5-year average. A European Union Oilseeds and Protein Crops market situation report estimates that the EU will import 6 million metric tons of canola/rapeseed from third countries in 2021-22, 200,000 mt higher than the previous crop year. However, mustard arrivals in its major producing states i.e. Rajasthan, Madhya Pradesh, Uttar Pradesh and Gujarat improved. Production in Canada in 2021 expected to drop by 1.7 million tons to 16.9 million tons. In Alwar spot market in Rajasthan the prices gained 309 Rupees to end at 8071.75 Rupees per 100 kg.Technically market is under short covering as market has witnessed drop in open interest by -1.65% to settled at 38070 while prices up 2 rupees, now Rmseed is getting support at 7822 and below same could see a test of 7729 levels, and resistance is now likely to be seen at 8071, a move above could see prices testing 8227.

Trading Ideas:
* Rmseed trading range for the day is 7729-8227.
* Mustard seed pared gains on profit booking after prices crossed 8000 mark as USDA estimates Canada rapeseed production down as drought in the Prairies intensifies.
* EU weekly rapeseed imports jumped by 70% to 127k mt, total at 414k mt
* EU Oilseeds situation report estimates that the EU will import 6 million metric tons of rapeseed from third countries in 2021-22.
* In Alwar spot market in Rajasthan the prices gained 309 Rupees to end at 8071.75 Rupees per 100 kg.
 

Turmeric 

Turmeric yesterday settled up by 1.22% at 8114 as support seen on following export demand from Europe, Gulf countries and Bangladesh. Turmeric crops were severely damaged in Parbhani and Hingole due to heavy rains. Further there is expectation of increase in Turmeric sowings in some areas were the key factors that dented market sentiments in the month of June. As the lockdown restrictions were eased in the month of June, the key Turmeric growing states, including Maharashtra and Telangana reported noticeable increase in mandi arrivals, which augmented physical market supplies and pressurized prices. Mandi arrivals of Turmeric, at all-India level, more than doubled in June 2021 compared to the previous month supported by substantial increase in arrivals in Maharashtra and Telangana. Mandi arrivals had remained sluggish in April and May due to closure of mandis in many regions on account of festival season and Covid related lockdown restrictions. According to the statistics of the Department of Commerce, Government of India, the highest number of 1.84 lakh tonnes of turmeric was exported during the last financial year 2020-21. The export of turmeric is highest in the months of May, June and July. After the relaxation of the lockdown in some states, spot prices have started increasing in Erode and Nanded mandis last week. In Nizamabad, a major spot market in AP, the price ended at 7560 Rupees gained 105 Rupees.Technically market is under short covering as market has witnessed drop in open interest by -1.24% to settled at 12315 while prices up 98 rupees, now Turmeric is getting support at 8026 and below same could see a test of 7936 levels, and resistance is now likely to be seen at 8260, a move above could see prices testing 8404.

Trading Ideas:
* Turmeric trading range for the day is 7936-8404.
* Turmeric prices seen supported on following export demand from Europe, Gulf countries and Bangladesh.
* Turmeric crops were severely damaged due to heavy rains.
* Further there is expectation of increase in Turmeric sowings in some areas
* In Nizamabad, a major spot market in AP, the price ended at 7560 Rupees gained 105 Rupees.
 

Jeera

Jeera yesterday settled up by 4.09% at 14140 as demand is likely to recover in the second half of 2021, as festivals and weddings are likely to boost retail purchases in the fourth quarter. Also from 15th August many states in India are facing long-awaited relaxations from Independence Day on Sunday. Malls can now reopen, while restaurants, gyms, salons and spas are permitted to function at 50% capacity till 10pm, helping ease livelihoods. Support also seen after the news that the Taliban is returning to power in Kabul after a military advance across Afghanistan. President Ashraf Ghani fled the country on August 15 as the Islamist militants entered the city, bringing the Islamist militants close to taking over the country two decades after they were overthrown by a US-led invasion. Afghanistan over 100 tonnes of black and green cumin seeds worth $16 million have been exported from western Herat province to foreign countries in 2021. According to the Exports Department of the provincial Chamber of Commerce and Investment, 9,857 tonnes of green cumin and 94 tonnes of black cumin were exported to foreign nations this year. Last year, 2,540 tonnes of green cumin and 20 tonnes of black cumin had been exported abroad. In Unjha, a key spot market in Gujarat, jeera edged up by 388.85 Rupees to end at 13966.65 Rupees per 100 kg.Technically market is under short covering as market has witnessed drop in open interest by -2.01% to settled at 6132 while prices up 555 rupees, now Jeera is getting support at 13735 and below same could see a test of 13335 levels, and resistance is now likely to be seen at 14430, a move above could see prices testing 14725.

Trading Ideas:
* Jeera trading range for the day is 13335-14725.
* Jeera rose as major markets reopened after lockdown, and the upcoming festival season is expected to increase domestic demand.
* Only 45-50 percent of the total production has come to the market.
* As per preliminary estimates suggested that carryover stocks of Jeera are likely to be around of about 20-25 Lakh
* In Unjha, a key spot market in Gujarat, jeera edged up by 388.85 Rupees to end at 13966.65 Rupees per 100 kg.

Cotton

Cotton yesterday settled down by -0.75% at 26350 on profit booking after prices rose as the U.S. Department of Agriculture forecast lower production and also cut ending stocks estimates for the 2021/22 marketing year in a monthly report. In its World Agricultural Supply and Demand Estimates (WASDE) report, the USDA projected lower U.S. production, exports and ending stocks compared with July, as well as lower world 2021/22 ending stocks. FAS Mumbai forecasts market year (MY) 2021/2022 cotton production at 29 million (480 lb.) bales on an area of 12.9 million hectares. Kharif cotton planting is now underway in central and southern India as the two-week monsoon delay has been followed by intense rains across the major cotton producing states. With market arrivals slowing, seed cotton prices are rising. Mill consumption is good at 25.5 million bales buoyed by strong export orders, and the recent government announcement of a three-year extension of the Rebate of State and Central taxes and Levies (ROSCTL) scheme for the export of apparel/garments and made-ups." Production of Cotton is estimated at 35.38 million bales (of 170 kg each) is higher by 3.49 million bales than the average cotton production. In spot market, Cotton gained by 230 Rupees to end at 27250 Rupees.Technically market is under long liquidation as market has witnessed drop in open interest by -7.09% to settled at 3172 while prices down -200 rupees, now Cotton is getting support at 26020 and below same could see a test of 25690 levels, and resistance is now likely to be seen at 26820, a move above could see prices testing 27290.

Trading Ideas:
* Cotton trading range for the day is 25690-27290.
* Cotton dropped on profit booking after prices rose as USDA forecast lower production and also cut ending stocks estimates.
* The USDA projected lower U.S. production, exports and ending stocks compared with July, as well as lower world 2021/22 ending stocks.
* India's 2021/22 cotton production seen at 29 mln bales – USDA
* In spot market, Cotton gained  by 230 Rupees to end at 27250 Rupees.
 

Chana

Chana yesterday settled up by 3.22% at 5167 as demand is likely to recover in the second half of 2021, as festivals and weddings are likely to boost retail purchases in the fourth quarter. Also from 15th August many states in India are facing long-awaited relaxations from Independence Day on Sunday. Malls can now reopen, while restaurants, gyms, salons and spas are permitted to function at 50% capacity till 10pm, helping ease livelihoods. Meanwhile support also seen after the release of all India pulses sowing data on Friday, revealed that all India, about 126.98 lakh ha area coverage has been reported compared to corresponding week’s 127.40 lakh ha. Thus 0.42 lakh ha less i.e 0.33% area has been covered compared to last year. Last week PM Narendra Modi released the ninth installment of financial benefit under Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), enabling the transfer of more than Rs 19,500 crore to more than 9.75 crore beneficiaries which will raise the sentiments among the Farmers. In Delhi spot market, chana gained by 160.4 Rupees to end at 5060.4 Rupees per 100 kgs.Technically market is under short covering as market has witnessed drop in open interest by -0.79% to settled at 118230 while prices up 161 rupees, now Chana is getting support at 5074 and below same could see a test of 4980 levels, and resistance is now likely to be seen at 5225, a move above could see prices testing 5282.

Trading Ideas:
* Chana trading range for the day is 4980-5282.
* Chana gained as demand is likely to recover in the second half of 2021, as festivals and weddings are likely to boost retail purchases
* The production of pulses has been increasing during the last three years and the target for 2021-2022 has been set at 23 LMT
* India is likely to receive an average amount of rainfall in August and September, the state-run weather office said
* In Delhi spot market, chana gained  by 160.4 Rupees to end at 5060.4 Rupees per 100 kgs.
 

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