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Gold

Gold yesterday settled up by 0.83% at 47797 as a weaker dollar and worries about rising inflation bolstered demand for the safe-haven asset. Some investors view gold as a hedge against higher inflation that could follow stimulus measures. Atlanta U.S Fed President Raphael Bostic said he expects high inflation to persist into 2022 and the central bank to raise interest rates by the end of next year. Elsewhere, euro zone inflation expectations hit their highest levels in years, putting additional pressure on the European Central Bank and its insistence on maintaining crisis-era stimulus. Physical gold demand in major Asian hubs stalled after rising prices curtailed retail purchases, while silver piqued investor interest in Singapore. Indian dealers were offering a discount of up to $1.5 an ounce over official domestic prices, down from last week’s premium of $2. Demand is expected to pick up ahead of the Diwali festival next month. Premiums in China were at $7-$11 an ounce charged over global benchmark spot prices, little changed from last week’s $6-$12. Premiums in Singapore were at $1.25-$1.70 per ounce versus last week’s $0.75-$1.80 with higher prices and COVID-19 induced restrictions keeping demand in check. Technically market is under fresh buying as market has witnessed gain in open interest by 1.17% to settled at 11207 while prices up 393 rupees, now Gold is getting support at 47438 and below same could see a test of 47080 levels, and resistance is now likely to be seen at 48198, a move above could see prices testing 48600.
Trading Ideas:
* Gold trading range for the day is 47080-48600.
* Gold prices rose as a weaker dollar and worries about rising inflation bolstered demand for the safe-haven asset.
* Atlanta U.S Fed President Raphael Bostic said he expects high inflation to persist into 2022 and the central bank to raise interest rates by the end of next year.
* Euro zone inflation expectations hit their highest levels in years, putting additional pressure on the ECB and its insistence on maintaining crisis-era stimulus.

Silver 

Silver yesterday settled up by 0.99% at 65656 propped by a softer dollar and global inflation concerns. The dollar weakened amid easing concerns over Chinese property market. China Evergrande Group reportedly supplied funds to pay interest on a U.S. dollar bond, helping ease contagion fears. Euro zone inflation expectations among bond investors hit their highest levels in years, putting additional pressure on the European Central Bank and its insistence on maintaining crisis-era stimulus. Elsewhere, Atlanta U.S Federal Reserve President Raphael Bostic said he expects high inflation to persist into 2022 and the central bank should raise interest rates by the end of next year. San Francisco Federal Reserve Bank President Mary Daly said that recent ‘eye-popping’ inflation readings are driven by supply chain breakdowns and will subside as COVID does, and the Fed’s decision not to raise rates in response is the right one. U.S. business activity increased solidly in October, suggesting economic growth picked up at the start of the fourth quarter as COVID-19 infections subsided, though labor and raw material shortages held back manufacturing. Data firm IHS Markit said its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, rebounded to a reading of 57.3 in the first half of this month from 55.0 in September. Technically market is under fresh buying as market has witnessed gain in open interest by 1.33% to settled at 9429 while prices up 643 rupees, now Silver is getting support at 64926 and below same could see a test of 64197 levels, and resistance is now likely to be seen at 66568, a move above could see prices testing 67481.
Trading Ideas:
* Silver trading range for the day is 64197-67481.
* Silver prices rose propped by a softer dollar and global inflation concerns.
* The dollar weakened amid easing concerns over Chinese property market.
* Fed’s Daly that recent ‘eye-popping’ inflation readings are driven by supply chain breakdowns and will subside as COVID does



Crude

Crude oil yesterday settled up by 2.3% at 6283 with concerns about tight supply and stockpiles fuelling bullish sentiment. Prices have been boosted by worries about coal and gas shortages in China, India and Europe, spurring some power generators to switch from gas to fuel oil and diesel. Winter weather in much of the United States is expected to be warmer than average, according to a National Oceanic and Atmospheric Administration forecast. U.S. crude found support as investors eyed low crude stocks at the U.S. storage hub in Cushing, Oklahoma. U.S. crude and fuel inventories tightened further last week, as supplies of gasoline hit a two-year low and inventories at the largest U.S. commercial storage hub dropped to a three-year low, the Energy Information Administration (EIA) said. Crude inventories fell by 431,000 barrels in the week to Oct. 15 to 426.5 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2.3 million barrels to 31.2 million barrels. That's the lowest level since October 2018, and points to tightness in the market that may take some time to alleviate. The decline in stocks occurred even as refinery crude runs fell by 71,000 barrels per day in the last week. Refinery utilization rates fell by 2 percentage points as those facilities process fewer barrels in the midst of the traditional maintenance season. Technically market is under fresh buying as market has witnessed gain in open interest by 33.41% to settled at 7360 while prices up 141 rupees, now Crude oil is getting support at 6180 and below same could see a test of 6076 levels, and resistance is now likely to be seen at 6340, a move above could see prices testing 6396.
Trading Ideas:
*  Crude oil trading range for the day is 6076-6396.
*  Crude oil rose with concerns about tight supply and stockpiles fuelling bullish sentiment.
*  Prices have been boosted by worries about coal and gas shortages in China, India and Europe
*  U.S. EIA data showed crude stocks at Cushing fell to 31.2 million barrels, their lowest level since October 2018.



Nat.Gas

Nat.Gas yesterday settled up by 1.84% at 392.1 on forecasts for demand to rise as the weather turns seasonally cooler and a slight increase in global gas prices that should keep demand for U.S. liquefied natural gas (LNG) strong. Even though the forecasts called temperatures to decline with the approach of winter, those forecasts also predicted the weather would remain milder than normal through at least early November, keeping heating demand lower than usual for this time of year. In early October, U.S. gas prices soared to their highest since 2008 on expectations global competition for LNG would keep demand for U.S. exports strong. But after weeks of mild weather, U.S. prices were down about 18% from that high amid a growing belief in the market that the United States will have more than enough gas in storage for the winter heating season. Data provider Refinitiv said output in the U.S. Lower 48 states rose to an average of 92.1 billion cubic feet per day (bcfd) so far in October, up from 91.1 bcfd in September. That compares with a monthly record of 95.4 bcfd in November 2019. With gas prices near $30 per mmBtu in Europe and $33 in Asia , versus just $5 in the United States, traders said buyers around the world will keep purchasing all the LNG the United States could produce. Technically market is under short covering as market has witnessed drop in open interest by -34.61% to settled at 1957 while prices up 7.1 rupees, now Natural gas is getting support at 382.6 and below same could see a test of 373 levels, and resistance is now likely to be seen at 402.4, a move above could see prices testing 412.6.
Trading Ideas:
*  Natural gas trading range for the day is 373-412.6.
*  Natural gas climbed on forecasts for demand to rise as the weather turns seasonally cooler
*  Support also seen as a slight increase in global gas prices that should keep demand for U.S. liquefied natural gas (LNG) strong.
*  EIA said utilities added 92 billion cubic feet (bcf) of gas into storage during the week ended Oct. 15, the sixth week in a row




Copper

Copper yesterday settled down by -0.47% at 765 due to intervention by China to cool surging coal prices. However downside seen limited on renewed worries about scarce supplies and as the dollar weakened. Chile's state-owned Codelco, said it had reached an agreement with its labor union at its small Salvador mine. Codelco said it had reached a 36-month agreement that will not include salary adjustments, but will include a bonus of $4,980 for each union member, in addition to incentive targets. The agreement was supported by 80% of union members, it said. Labor groups have been seeking higher benefits in copper mines as metal prices have in the past year risen significantly. The negotiations are especially significantly in Chile, the world's top producer of the red metal. The Salvador mine produced 56,300 tonnes of copper in 2020. While the premium of cash LME copper over the three-month contract has eased to $247 a tonne from a peak of over $1,000 on Monday, LME inventories remain very low. On-warrant LME stocks, those not earmarked for delivery, have tumbled by over 90% since mid-August. MMG Ltd’s Las Bambas, one of Peru’s largest copper mines, said that it does not have any pending commitments with Andean communities that have blocked the road used by the company to transport the mineral. Technically market is under fresh selling as market has witnessed gain in open interest by 52.86% to settled at 3580 while prices down -3.6 rupees, now Copper is getting support at 758.4 and below same could see a test of 751.9 levels, and resistance is now likely to be seen at 774.2, a move above could see prices testing 783.5.
Trading Ideas:
*  Copper trading range for the day is 751.9-783.5.
*  Copper prices dropped due to intervention by China to cool surging coal prices.
*  However downside seen limited on renewed worries about scarce supplies and as the dollar weakened.
*  Chile's Codelco reaches union agreement with Salvador mine



Zinc

Zinc yesterday settled down by -0.23% at 284.1 as a drop in coal prices in China eased concerns of supply shortage in the metal. China's thermal coal futures slid 11%, extending losses since Tuesday when they toppled off record highs as Beijing signalled it would intervene to cool surging prices to help electricity producers out of a widespread power crunch. On the macro front, the US jobless claims last week recorded 290,000, the lowest since the breakout of the COVID. The market again eyed on the timeline of Fed’s tapering bond purchases and interest rate hike amid an improving job market and the high inflation rate, and the risk aversion sentiment warmed up. The initial manufacturing PMI reading for October across the Eurozone came in higher than expected, indicating an expanding economy and steady economic recovery. On the fundamentals, the social inventory of zinc ingots across the seven major markets in China totalled 147,300 mt, up 100 mt from Monday October 18 and 8,200 mt from last Friday October 15. The zinc social inventory has been at a historical low level despite the weekly increase, which will underpin zinc prices. Technically market is under fresh selling as market has witnessed gain in open interest by 22.11% to settled at 823 while prices down -0.65 rupees, now Zinc is getting support at 279.2 and below same could see a test of 274.2 levels, and resistance is now likely to be seen at 288.6, a move above could see prices testing 293.
Trading Ideas:
*  Zinc trading range for the day is 274.2-293.
*  Zinc prices fell as a drop in coal prices in China eased concerns of supply shortage in the metal.
*  The initial manufacturing PMI reading for October across the Eurozone came in higher than expected, indicating an expanding economy
*  The US jobless claims last week recorded 290,000, the lowest since the breakout of the COVID.



Nickel

Nickel yesterday settled down by -0.51% at 1530.4 as Nickel ore inventory at Chinese ports grew 130,000 wmt from a week earlier to 8.45 million wmt as of October 24, the seventh straight week of increase. Total Ni content stood at 66,300 mt. Total inventory at seven major ports stood at around 4.43 million wmt, a rise of 707,000 wmt from a week earlier. While the NPI was more greatly affected by the energy consumption control policy, so its recovery has lagged behind. NPI prices will remain high amid supply shortage caused by slow recovery and high costs. Nickel output from the Philippines, the second-largest producer, is expected to be 10% lower than the annual average due to frequent rainfalls and fewer vessels coming in. Also, the latest data showed nickel production at Russian miner Nornickel fell 23% from a year earlier to 129,858 tons in the first three quarters of the year. Moreover, Vale SA cut its production guidance for this year to 165,000-170,000 tonnes from 200,000 previously projected amid a strike at its Canadian mine while it’s Brazilian mine at Onca Puma is suspended by the court. The People’s Bank of China (PBOC) injected a total CNY 100 billion of seven-day reverse repos into the banking system for the third consecutive day at an interest rate of 2.2 percent on October 22nd. Technically market is under fresh selling as market has witnessed gain in open interest by 39.07% to settled at 1349 while prices down -7.8 rupees, now Nickel is getting support at 1511 and below same could see a test of 1491.7 levels, and resistance is now likely to be seen at 1555.8, a move above could see prices testing 1581.3.
Trading Ideas:
*  Nickel trading range for the day is 1491.7-1581.3.
*  Nickel prices dropped as Nickel ore inventory at Chinese ports grew 130,000 wmt from a week earlier to 8.45 million wmt
*  Nickel output from the Philippines, is expected to be 10% lower than the annual average due to frequent rainfalls and fewer vessels coming in.
*  PBoC injected a total CNY 100 billion of seven-day reverse repos into the banking system for the third consecutive day at an interest rate of 2.2 percent



Aluminium

Aluminium yesterday settled down by -0.57% at 233.45 as rising aluminium inventories in China weighed on prices, with Shanghai stocks up for four straight weeks and social stocks in China at their highest since May 27 of 957,000 tonnes. Prices seen pressure as a drop in coal prices in China eased concerns of supply shortage in the metal. China's thermal coal futures slid 11%, extending losses since Tuesday when they toppled off record highs as Beijing signaled it would intervene to cool surging prices to help electricity producers out of a widespread power crunch. Aluminium has been touted as the base metal most impacted by a widespread power curb in China, the world's biggest producer of the metal, due to its energy intensive smelting process. The cost of aluminum surged more than 11% in the first half of October, as the metal has been touted as the most impacted by a widespread power curb in top producer China due to its energy-intensive smelting process. The data showed China's aluminum output in September declined for a fifth consecutive month to the lowest monthly level since June 2020 while aluminum imports rose 2.2% from the previous month. Technically market is under fresh selling as market has witnessed gain in open interest by 5.08% to settled at 1633 while prices down -1.35 rupees, now Aluminium is getting support at 229.5 and below same could see a test of 225.3 levels, and resistance is now likely to be seen at 239, a move above could see prices testing 244.3.
Trading Ideas:
*  Aluminium trading range for the day is 225.3-244.3.
*  Aluminium prices dropped as rising aluminium inventories in China weighed on prices
*  Prices seen pressure as a drop in coal prices in China eased concerns of supply shortage in the metal.
*  Shanghai stocks up for four straight weeks and social stocks in China at their highest since May 27 of 957,000 tonnes.



Mentha oil

Mentha oil yesterday settled up by 0.05% at 939.7 on low level buying after prices dropped as demand from consumer side is extremely weak and industrial demand is also not picking up. Prices got support in last few weeks as due to crop failure and low recovery of oil, availability of Mentha oil will be low and demand from industries are expected to improve ahead of winter season. Speculation are also high that production this year will be lower as compare with last year because of two important factors. Major physical market player expects demand to sluggish for next few week as cash crunch seen in spot market, while expectations are high about demand improvement ahead of winter season starts. China is one of the biggest buyer for Indian Mentha, no much buying inquiry from China as mainland China and Hong Kong markets were shut. Speculation are also high that production this year will be lower as compare with last year because of two important factors. Firstly damages due to rain in key area and secondly farmers for the last 2 years where sowing mentha but due to not getting much profit at intervals there had been shift to other crops also. In Sambhal spot market, Mentha oil gained by 1.9 Rupees to end at 1049.9 Rupees per 360 kgs.Technically market is under fresh buying as market has witnessed gain in open interest by 51.89% to settled at 764 while prices up 0.5 rupees, now Mentha oil is getting support at 937.3 and below same could see a test of 934.9 levels, and resistance is now likely to be seen at 941.8, a move above could see prices testing 943.9.
Trading Ideas:
*  Mentha oil trading range for the day is 934.9-943.9.
*  In Sambhal spot market, Mentha oil gained  by 1.9 Rupees to end at 1049.9 Rupees per 360 kgs.
*  Mentha oil gained on low level buying after prices dropped as demand from consumer side is extremely weak
*  Prices got support in last few weeks as due to crop failure and low recovery of oil
*  Availability of Mentha oil will be low and demand from industries are expected to improve ahead of winter season.



Soyabean

Soyabean yesterday settled down by -0.06% at 5301 as soyabean production is estimated to rise by 14 per cent to nearly 119 lakh tonnes this year on higher sowing area and likely improvement in productivity, according to industry body SOPA. In its estimate, Soyabean Processors Association of India (SOPA) said that the total area under soybean for the year 2021 is 119.984 lakh hectares. The government's area estimate is 123.677 lakh hectares. In last year's Kharif (summer sow) season, total soyabean acreage stood at 118.383 lakh hectare. China's soybean imports from Brazil in September fell 18% from a year earlier, customs data showed, as poor crush margins limited demand. The world's top buyer of soybeans brought in 5.936 million tonnes of the oilseed from Brazil last month, versus 7.25 million tonnes in the corresponding year-ago period, data from the General Administration of Customs showed. Crushers stepped up purchases last year from top supplier Brazil as a fast recovering pig herd pushed up demand. But their buying has slowed in recent months, as falling hog prices hit margins. U.S. soybean export sales for the week ended Oct. 7 were 2.88 million tonnes, primarily due to sales to China, beating trade expectations, according to the U.S. Department of Agriculture. At the Indore spot market in top producer MP, soybean dropped -36 Rupees to 5407 Rupees per 100 kgs.Technically market is under long liquidation as market has witnessed drop in open interest by -1.25% to settled at 85785 while prices down -3 rupees, now Soyabean is getting support at 5260 and below same could see a test of 5219 levels, and resistance is now likely to be seen at 5352, a move above could see prices testing 5403.
Trading Ideas:
*  Soyabean trading range for the day is 5219-5403.
*  Soyabean pared gains as soyabean production is estimated to rise by 14 per cent to nearly 119 lakh tonnes this year
*  China's soybean imports from Brazil in September fell 18% from a year earlier, customs data showed, as poor crush margins limited demand.
*  Soyabean production is estimated to rise by 14 per cent to nearly 119 lakh tonnes this year
*  At the Indore spot market in top producer MP, soybean dropped  -36 Rupees to 5407 Rupees per 100 kgs.



Ref.Soyaoil

Ref.Soyaoil yesterday settled up by 0.1% at 1259.6 as the vegetable oil market faces a significant squeeze due to lower output. India slashed its base import tax on crude palm oil, crude soyoil and crude sunflower oil to zero from 2.5%, as the world's biggest vegetable oil buyer tries to cool near-record price rises. The Govt. has decided to impose stock limits on edible oils and oilseeds up to March 31, 2022. This decision has been taken to soften the prices of edible oils in the country and provide relief to consumers. The Ministry said that the stock limits will be decided by the respective state governments depending on local conditions. It has however decided to give exemption to importers and exporters subject to conditions. Oilseeds output is also expected to be down a tad at 23.38 mt as soyabean production was affected by the patchy rains in the key producing States of Gujarat and Madhya Pradesh, respectively. Favorable weather over the weekend boosted U.S. harvest, while exports remain capped by terminals on the U.S. Gulf Coast that continue to struggle with power outages and hurricane-led damage as the country heads into its busiest export season. India's vegetable oil imports are likely to contract for the second straight year, the Solvent Extractors' Association of India (SEA) said. At the Indore spot market in Madhya Pradesh, soyoil was steady at 1300.15 Rupees per 10 kgs.Technically market is under fresh buying as market has witnessed gain in open interest by 26.02% to settled at 40170 while prices up 1.2 rupees, now Ref.Soya oil is getting support at 1252 and below same could see a test of 1244 levels, and resistance is now likely to be seen at 1267, a move above could see prices testing 1274.
Trading Ideas:
*  Ref.Soya oil trading range for the day is 1244-1274.
*  Ref soyoil gained as the vegetable oil market faces a significant squeeze due to lower output
*  Oilseeds output is also expected to be down a tad at 23.38 mt as soyabean production was affected.
*  India’s Sept edible oil stocks at ports and pipelines rose 3.24 percent mom: SEA
*  At the Indore spot market in Madhya Pradesh, soyoil was steady at 1300.15 Rupees per 10 kgs.



Crude palm Oil

Crude palm Oil yesterday settled up by 0.67% at 1131.2 as October export data improved amid tight supply worries. The Southern Peninsula Palm Oil Millers' Association (SPPOMA) estimated Oct. 1-15 production declined 0.2% from the month before in some parts of Malaysia. The Indian Vegetable Oils Producers Association says it is seeing early signs of demand shifting from palm oil to soft oils after India's duty cut made soft oil more attractive. Malaysia's crude palm oil production in 2021 is forecast to decline by 700,000 tonnes to 18.4 million tonnes due to a labour shortage and erratic weather conditions, state agency the Malaysian Palm Oil Council (MPOC) said. Neighbouring Indonesia has not faced such labour issues and has expanded its planted area by about 200,000 hectares this year, MPOC chief executive Wan Zawawi Wan Ismail said. Production in the world's largest palm oil producer is projected to rise by 2.5 million tonnes to 45.5 million tonnes, he said. Indonesian palm oil exports in 2021 will likely be much lower than previously forecast, at 34.423 million tonnes, the vice chairman of the Indonesia Palm Oil Association (GAPKI) told. Exports of crude palm oil in 2021 meanwhile are forecast to fall 54.37% from a year earlier to 3.272 million tonnes. In spot market, Crude palm oil dropped by -5.9 Rupees to end at 1135 Rupees.Technically market is under short covering as market has witnessed drop in open interest by -20.89% to settled at 2022 while prices up 7.5 rupees, now CPO is getting support at 1117.9 and below same could see a test of 1104.7 levels, and resistance is now likely to be seen at 1140.6, a move above could see prices testing 1150.1.
Trading Ideas:
*  CPO trading range for the day is 1104.7-1150.1.
*  Crude palm oil gains as October export data improved amid tight supply worries.
*  The Southern Peninsula Palm Oil Millers' Association estimated Oct. 1-15 production declined 0.2% from the month before in some parts of Malaysia.
*  The Indian Vegetable Oils Producers Association says it is seeing early signs of demand shifting from palm oil to soft oils
*  In spot market, Crude palm oil dropped  by -5.9 Rupees to end at 1135 Rupees.



Turmeric

Turmeric yesterday settled down by -0.61% at 7164 amid prospects of better crop this kharif season along with tepid demand. However downside seen limited following export demand from Europe, Gulf countries and Bangladesh. The areas where turmeric has been sown have received adequate rainfall and are expected to produce well in the next season. Due to favorable weather, production is likely to be higher in 2021-22 (July-June) season. Besides, heavy carryover stocks and slack in bulk demand are keeping prices under pressure. In the first 4 months of FY 2021-22, turmeric exports declined by 26% to 53,000 tonnes as compared to the same period last year, but almost at the same level as the 5-year average. Support is expected on the news that due to June and July floods almost 10% crop washed away so we can see 10-15 % less sowing also farmers had shown interested in other crops as prices where more. Pressure also seen as the lockdown restrictions were eased the key Turmeric growing states, including Maharashtra and Telangana reported noticeable increase in mandi arrivals, which augmented physical market supplies and pressurized prices. In the first 6 months of 2021, turmeric exports declined by 3% to 77,300 tonnes compared to the same period last year, but could be higher in the coming months. In Nizamabad, a major spot market in AP, the price ended at 7100 Rupees gained 21.45 Rupees.Technically market is under fresh selling as market has witnessed gain in open interest by 0.72% to settled at 10425 while prices down -44 rupees, now Turmeric is getting support at 7104 and below same could see a test of 7046 levels, and resistance is now likely to be seen at 7216, a move above could see prices testing 7270.
Trading Ideas:
*  Turmeric trading range for the day is 7046-7270.
*  Turmeric dropped amid prospects of better crop this kharif season along with tepid demand.
*  However downside seen limited following export demand from Europe, Gulf countries and Bangladesh.
*  The areas where turmeric has been sown have received adequate rainfall and are expected to produce well in the next season.
*  In Nizamabad, a major spot market in AP, the price ended at 7100 Rupees gained 21.45 Rupees.



Jeera

Jeera yesterday settled down by -0.17% at 14690 as adequate stock with traders and farmers may keeping prices under pressure at higher levels. However downside seen limited as the export of cumin is increasing continuously and in the coming days there are signs of increasing the export of cumin in a big way. With the forecast of normal rains in the western region during September to November, the sowing of cumin seeds in Gujarat and Rajasthan may increase. In 2021 (January-June), the country has exported more than 1.50 lakh tonnes of cumin as compared to 1.3 lakh tonnes in the same period last year. Purchase of cumin seeds from African and Middle East countries will be diverted from other countries to India this year. Recent estimates state that cumin production has slumped by 60% in Iran’s Razavi Khorasan Province due to severe drought and unusually cold weather coupled with an early spring. Rainfall ranges 63% lower than last year this season so far. Temperatures ranged 3.1-0.4C (37.58-32.72F) lower between October 2020 and April 2021 than in the same period in 2019/2020 according to official statistics. Extensive crop losses seen, the early onset of spring in February also caused serious damage to production. In Unjha, a key spot market in Gujarat, jeera edged down by -21.45 Rupees to end at 14392.85 Rupees per 100 kg.Technically market is under long liquidation as market has witnessed drop in open interest by -0.76% to settled at 6300 while prices down -25 rupees, now Jeera is getting support at 14610 and below same could see a test of 14535 levels, and resistance is now likely to be seen at 14765, a move above could see prices testing 14845.
Trading Ideas:
*  Jeera trading range for the day is 14535-14845.
*  Jeera dropped as adequate stock with traders and farmers may keeping prices under pressure at higher levels.
*  However downside seen limited as the export of cumin is increasing continuously and in the coming days there are signs of increasing the export
*  India's cumin exports will increase due to less supply from Afghanistan-Syrian
*  In Unjha, a key spot market in Gujarat, jeera edged down by -21.45 Rupees to end at 14392.85 Rupees per 100 kg.



Cotton

Cotton yesterday settled up by 0.88% at 30860 as Cotton Association of India (CAI), a body of traders, has reduced its estimate of the cotton crop last season (October 2020- September 2021) to 353 lakh bales (each 170 kg) from its previous estimate of 354.5 lakh bales. The final estimate is about 7 lakh bales lower than the 360 lakh bales of crop estimated initially. The total cotton availability for the year is estimated at 488 lakh bales, including an opening stock of 125 lakh bales and import of 10 lakh bales besides the 353 lakh bales of crop. As per the CAI’s cotton balance-sheet for the year, the closing stock is estimated to be 75 lakh bales, which is lower than last year’s estimated 107.5 lakh bales of carryover stock. CAI has increased its cotton consumption estimate for the year by 5 lakh bales to 335 lakh bales from last year’s estimated consumption of 250 lakh bales, showing an increase of 34 per cent over last year. The U.S. Department of Agriculture's (USDA) latest weekly export sales report showed a 41% drop from the previous week in net sales for 2021/2022. In spot market, Cotton gained by 50 Rupees to end at 29700 Rupees.Technically market is under fresh buying as market has witnessed gain in open interest by 17.93% to settled at 2361 while prices up 270 rupees, now Cotton is getting support at 30520 and below same could see a test of 30190 levels, and resistance is now likely to be seen at 31070, a move above could see prices testing 31290.
Trading Ideas:
*  Cotton trading range for the day is 30190-31290.
*  Cotton prices seen supported as Cotton trade body trims 2020-21 crop estimate to 353 lakh bales
*  CAI has increased its cotton consumption estimate for the year by 5 lakh bales to 335 lakh bales
*  USDA latest weekly export sales report showed a 41% drop from the previous week in net sales for 2021/2022.
*  In spot market, Cotton gained  by 50 Rupees to end at 29700 Rupees.

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