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Gold

"Gold yesterday settled up by 0.16% at 46069 as prices were subdued pressured by an uptick in U.S. bond yields and a robust dollar, as investors awaited speeches from Federal Reserve policymakers for clues on when the central bank could taper its pandemic-era economic support. The U.S. economy is close to having met the Federal Reserve's bar for beginning to reduce its bond purchase program and will meet it soon if job gains continue, Chicago Fed President Charles Evans said, the latest policymaker to back the central bank's step away from pandemic-era crisis policies. ""I see the economy as being close to meeting the 'substantial further progress' standard we laid out last December,"" Evans said in prepared remarks to the National Association for Business Economics annual conference in Virginia. ""If the flow of employment improvements continues, it seems likely that those conditions will be met soon and tapering can commence."" Evans had previously said only that he expected a reduction some time this year to the Fed's current $120 billion in monthly asset purchases, which are aimed at pushing down longer-term interest rates. The People's Bank of China continues to inject liquidity into markets, indicating some systemic risks in the market, and providing some support to bullion. Investors were also keeping an eye on developments surrounding debt-laden China Evergrande, after the property giant missed a bond payment deadline last week
Technically market is under short covering as market has witnessed drop in open interest by -28.64% to settled at 3891 while prices up 74 rupees, now Gold is getting support at 45908 and below same could see a test of 45746 levels, and resistance is now likely to be seen at 46226, a move above could see prices testing 46382."

Trading Ideas:
Gold trading range for the day is 45746-46382.
Gold prices were subdued pressured by an uptick in U.S. bond yields and a robust dollar, as investors awaited speeches from Federal Reserve policymakers for clues
Fed's Evans: U.S. economy "close" to meeting bond taper threshold
The People's Bank of China continues to inject liquidity into markets, indicating some systemic risks in the market, and providing some support to bullion


Silver

Silver yesterday settled up by 1.13% at 60634 amid concerns over the fate of China's Evergrande returned to the fore, burnishing bullion's safe-haven status. Investors awaited speeches from a slew of Fed officials this week including Chairman Jerome Powell for clues on when the central bank could taper its pandemic-era economic support. The U.S. economy is close to having met the Federal Reserve's bar for beginning to reduce its bond purchase program and will meet it soon if job gains continue, Chicago Fed President Charles Evans said, the latest policymaker to back the central bank's step away from pandemic-era crisis policies. Ten-year bond yields in the euro area rose to their highest in almost three months as it looked unlikely a leftist coalition would take power in Germany. Investors were also keeping an eye on developments surrounding debt-laden China Evergrande, after the property giant missed a bond payment deadline last week. New orders for key U.S.-made capital goods increased solidly in August, keeping business spending on equipment on track for another quarter of strong growth. The Commerce Department said orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, rose 0.5% last month. Technically market is under short covering as market has witnessed drop in open interest by -10.91% to settled at 11682 while prices up 679 rupees, now Silver is getting support at 60152 and below same could see a test of 59669 levels, and resistance is now likely to be seen at 61122, a move above could see prices testing 61609.

Trading Ideas:
Silver trading range for the day is 59669-61609.
Silver prices rose amid concerns over the fate of China's Evergrande returned to the fore, burnishing bullion's safe-haven status.
Ten-year bond yields in the euro area rose to their highest in almost three months as it looked unlikely a leftist coalition would take power in Germany.
New orders for key U.S.-made capital goods increased solidly in August


Crude oil

Crude oil yesterday settled up by 2.05% at 5579 amid supply concerns as demand picks up in parts of the world with the easing of pandemic restrictions. Goldman Sachs raised by $10 its forecast for Brent crude at the end of this year to $90 per barrel, as faster fuel demand recovery from the outbreak of the Delta variant of the coronavirus and Hurricane Ida’s hit to U.S. production led to tight global supplies. Caught short by the demand rebound, members of the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, have had difficulty raising output as under-investment or maintenance delays persist from the pandemic. India’s oil imports hit a three-month peak in August, rebounding from nearly one-year lows touched in July, as refiners in the second-biggest importer of crude stocked up in anticipation of higher demand. Global fuel demand is expected to reach pre-pandemic levels by early next year as the economy shrugs off pandemic woes, but spare refining capacity is likely to weigh on outlook. While a persistent rise in COVID-19 infections in several markets has hurt recovery in demand for some refined products such as jet fuel, consumption trends of petrol and diesel indicate higher growth Technically market is under fresh buying as market has witnessed gain in open interest by 7.8% to settled at 8863 while prices up 112 rupees, now Crude oil is getting support at 5522 and below same could see a test of 5464 levels, and resistance is now likely to be seen at 5619, a move above could see prices testing 5658.

Trading Ideas:
Crude oil trading range for the day is 5464-5658.
Crude oil rallied amid supply concerns as demand picks up in parts of the world with the easing of pandemic restrictions.
Global oil demand seen reaching pre-pandemic levels by early 2022
Hess sees global oil demand at 100 mln bpd by end-2021/Q1 2022


Natural gas

Nat.Gas yesterday settled up by 9.52% at 417.7 as record global gas prices kept demand for U.S. liquefied natural gas (LNG) exports strong. U.S. prices increased despite forecasts for milder weather and lower demand next week than previously expected. U.S. utilities injected more gas than usual into stockpiles over the past two weeks and were expected to do so again in the latest inventory report, cutting the deficit to the five-year (2016-2020) average from about 6.9% to about 6.5%.Gas speculators last week cut their net long positions on the New York Mercantile and Intercontinental Exchanges for a second week in row to their lowest since May in anticipation U.S. prices could drop later this week if U.S. utilities keep adding more gas to storage than usual, according to data from the Commodity Futures Trading Commission (CFTC). Data provider Refinitiv said gas output in the U.S. Lower 48 states fell to an average of 90.8 billion cubic feet per day (bcfd) so far in September from 92.0 bcfd in August, due mostly to Hurricane Ida-related losses along the Gulf Coast. With gas prices at or near record highs of around $26 per mmBtu in Europe and $28 in Asia versus just over $5 in the United States, traders said buyers around the world would keep purchasing all the LNG the United States could produce. Technically market is under fresh buying as market has witnessed gain in open interest by 35.93% to settled at 8846 while prices up 36.3 rupees, now Natural gas is getting support at 395.9 and below same could see a test of 374.1 levels, and resistance is now likely to be seen at 430.1, a move above could see prices testing 442.5.

Trading Ideas:
Natural gas trading range for the day is 374.1-442.5.
Natural gas soared as record global gas prices kept demand for U.S. liquefied natural gas (LNG) exports strong.
U.S. prices increased despite forecasts for milder weather and lower demand next week than previously expected.
Gas speculators last week cut their net long positions for a second week in row to their lowest since May



Copper

Copper yesterday settled up by 0.22% at 719.75 as falling stockpiles in exchange warehouses in top consumer China and shortage of scrap metal boosted demand for refined copper. ShFE copper inventories on Friday fell for the seventh straight week to 44,629 tonnes, their lowest since June 2009. Tighter restrictions and supply disruptions also limited supplies of scrap copper, forcing some users to switch to copper cathode for consumption. Yangshan copper premium rose to $114 a tonne, suggesting improving demand to import the metal into China, and LME cash copper premiums over the three-month contract was at $11.25 a tonne, indicating tight nearby supply. China will release another 150,000 tonnes of metals from its state reserves on Oct. 9 to downstream fabricators and manufacturers, the National Food and Strategic Reserves Administration said. The global world refined copper market showed a 90,000 tonnes deficit in June, compared with a 4,000 tonnes surplus in May, the International Copper Study Group (ICSG) said in its latest monthly bulletin. For the first 6 months of the year, the market was in a 2,000 tonnes deficit compared with a 67,000 tonnes surplus in the same period a year earlier, the ICSG said. Technically market is under fresh buying as market has witnessed gain in open interest by 0.28% to settled at 3640 while prices up 1.55 rupees, now Copper is getting support at 716 and below same could see a test of 712.3 levels, and resistance is now likely to be seen at 723.8, a move above could see prices testing 727.9.

Trading Ideas:
Copper trading range for the day is 712.3-727.9.
Copper prices rose as falling stockpiles in exchange warehouses in top consumer China and shortage of scrap metal boosted demand for refined copper.
ShFE copper inventories on Friday fell for the seventh straight week to 44,629 tonnes, their lowest since June 2009.
Yangshan copper premium rose to $114 a tonne, suggesting improving demand to import the metal into China


Zinc

Zinc yesterday settled down by -0.55% at 260.05 as worries about demand in top consumer China, where a power crunch and rationing is shutting factories, triggered selling. However downside seen limited as the market pinned its hopes on positive developments over the weekend that could lead to better Sino-U.S. relations. Belgium-based Nyrstar has cut zinc production at its smelter in the Netherlands because of the rise in electricity prices in Europe, the company said in a statement. China will release another 150,000 tonnes of metals from its state reserves on Oct. 9 to downstream fabricators and manufacturers, the National Food and Strategic Reserves Administration said. The administration will auction 30,000 tonnes of copper, 50,000 tonnes of zinc and 70,000 tonnes of aluminium via online platforms operated by Norinco and Minmetals Group, it said on its website. The supply side has experienced great disruptions, especially in Yunan and Hunan where the power rationing has been intensive. Currently speaking, the impact of power rationing on the demand side has been limited, but the overall mid and downstream demand was still sluggish amid the high season. The operating rates of galvanising companies fell due to operating losses; while the production of die-casting zinc alloy plants was also subdued. Technically market is under long liquidation as market has witnessed drop in open interest by -16.76% to settled at 1535 while prices down -1.45 rupees, now Zinc is getting support at 258.1 and below same could see a test of 256.1 levels, and resistance is now likely to be seen at 262, a move above could see prices testing 263.9.

Trading Ideas:
Zinc trading range for the day is 256.1-263.9.
Zinc prices dropped as worries about demand in top consumer China, where a power crunch and rationing is shutting factories, triggered selling.
However downside seen limited as the market pinned its hopes on positive developments over the weekend that could lead to better Sino-U.S. relations.
Belgium-based Nyrstar has cut zinc production at its smelter in the Netherlands because of the rise in electricity prices in Europe.


Nickel

Nickel yesterday settled down by -0.72% at 1451.7 as the global nickel market deficit declined to 24,700 tonnes in July from a June shortfall of 32,400 tonnes, data from the International Nickel Study Group (INSG) showed. During the first seven months of the year, the nickel market saw a deficit of 158,900 tonnes compared with a surplus of 80,500 tonnes in the same period last year, the Lisbon-based INSG added. Expectations of output curbs on stainless steel mills in China because of power shortages have undermined sentiment in the nickel market. Two-thirds of nickel consumption is accounted for by the stainless steel industry, mostly located in China. In China, the nickel ore inventory rose at a lower pace, thus the tight supply pattern remains. The demand from the downstream steel mills was sluggish amid frequent maintenance. While the new energy sector maintained its fast development, creating more demand for nickel briquette. The Fed indicated that the tapering of debt purchase will probably finish by mid-2022, and the interest hike may come earlier than expected, signalling hawkish stance. The prices of nickel fell recently, prompting the downstream sector to purchase on the dip. Meanwhile, the inventory in China and overseas market has been falling, underpinning nickel prices. Technically market is under fresh selling as market has witnessed gain in open interest by 2.53% to settled at 1217 while prices down -10.6 rupees, now Nickel is getting support at 1443.5 and below same could see a test of 1435.4 levels, and resistance is now likely to be seen at 1465.2, a move above could see prices testing 1478.8.

Trading Ideas:
Nickel trading range for the day is 1435.4-1478.8.
Nickel prices dropped as the global nickel market deficit declined to 24,700 tonnes in July from a June shortfall of 32,400 tonnes
Expectations of output curbs on stainless steel mills in China because of power shortages have undermined sentiment in the nickel market.
In China, the nickel ore inventory rose at a lower pace, thus the tight supply pattern remains.


Aluminium

Aluminium yesterday settled down by -0.65% at 230.75 as ShFE aluminium inventories rose for the first time in five weeks to 229,847 tonnes, easing supply shortage worries and pressuring prices. The social inventories of aluminium billet and aluminium have been on the rise, mainly caused by sluggish downstream demand amid surging prices and power rationing. China will release another 150,000 tonnes of metals from its state reserves on Oct. 9 to downstream fabricators and manufacturers, the National Food and Strategic Reserves Administration said. The administration will auction 30,000 tonnes of copper, 50,000 tonnes of zinc and 70,000 tonnes of aluminium via online platforms operated by Norinco and Minmetals Group, it said on its website. On the macro front, US new housing sales in August rose 1.5% on the month, the highest in four months. The consumers’ long-run inflation expectations were still firmly contained according to the New York Federal Reserve. As such, the macro sentiment is relatively stable. Global primary aluminium output dropped to 5.699 million tonnes in August from a downwardly revised 5.733 million tonnes in July, data from the International Aluminium Institute (IAI) showed. Overall, primary aluminium production in August rose 3.15% year on year, the IAI said. Technically market is under long liquidation as market has witnessed drop in open interest by -7.26% to settled at 2030 while prices down -1.5 rupees, now Aluminium is getting support at 229.6 and below same could see a test of 228.3 levels, and resistance is now likely to be seen at 232.3, a move above could see prices testing 233.7.

Trading Ideas:
Aluminium trading range for the day is 228.3-233.7.
 Aluminium dropped as ShFE aluminium inventories rose for the first time in five weeks to 229,847 tonnes, easing supply shortage worries
China to release another 150,000 tonnes of metals from state reserves
US new housing sales in August rose 1.5% on the month, the highest in four months.


Mentha oil

Mentha oil yesterday settled up by 0.42% at 940.5 on short covering after prices dropped as US House Democrats have proposed a tax hike on tobacco and nicotine to help fund their $3.5 trillion spending plan. The measure may increase current levies on cigarettes, cigars and roll-your-own and smokeless tobacco, according to a plan summary. They have also proposed new taxes on vaping products. Pressure also seen after the news that the Food and Drug Administration has proposed a ban on menthol cigarettes, suggesting it may prompt 923,000 U.S. smokers to quit, according to one study. Goldman Sachs covering the beverage and tobacco sectors, pointed to the potential federal menthol ban as another area of concern for retailers. This year US FDA announced it is taking steps to ban menthol as a characterizing flavor in cigarettes, and ban all characterizing flavors — including menthol — in cigars within the next year. In Goldman Sachs' Nicotine Nuggets survey, nearly 70 percent of retailers said they expected cigarette volume declines to accelerate in 2021. In Sambhal spot market, Mentha oil gained by 28.6 Rupees to end at 1054.1 Rupees per 360 kgs.Technically market is under short covering as market has witnessed drop in open interest by -0.39% to settled at 1292 while prices up 3.9 rupees, now Mentha oil is getting support at 938 and below same could see a test of 935.5 levels, and resistance is now likely to be seen at 943.5, a move above could see prices testing 946.5.

Trading Ideas:
Mentha oil trading range for the day is 935.5-946.5.
In Sambhal spot market, Mentha oil gained  by 28.6 Rupees to end at 1054.1 Rupees per 360 kgs.
Mentha oil gained on short covering after prices dropped as US House Democrats have proposed a tax hike on tobacco and nicotine.
The measure may increase current levies on cigarettes, cigars and roll-your-own and smokeless tobacco, according to a plan summary.
Goldman Sachs covering the beverage and tobacco sectors, pointed to the potential federal menthol ban as another area of concern for retailers.


Soyabean

Soyabean yesterday settled up by 0.79% at 5959 as SOPA has pegged the acreage lower to the extent of 6.45 per cent at 115.5 lh against the Agriculture Ministry’s estimates of 123.60 lh. However upside seen limited amid new crop arrivals and the commencement of soymeal imports. Latur Agriculture Produce Market Committee (APMC), reported arrivals of 15,000 quintals with average prices ranging between Rs 5,500 per quintal and Rs 6,100 per quintal. Soyabean crop has been totally damaged on about 8 lakh hectares (lh) due to excess rains and the crop condition is poor in about 12.83 per cent of the planted area, according to Soyabean Processors Association of India (SOPA), the apex trade body. SOPA said crop condition is normal in 42.20 per cent of the sown area, good in 22.97 per cent and very good in 15.46 per cent. SOPA had carried out extensive survey recently across every major soyabean growing districts in states such as Madhya Pradesh, Maharashtra, Rajasthan, Gujarat, Karnataka among others interacting with farmers on the fields, traders, input suppliers, mandi officials and soya processors to assess the health of the oilseed crop. India's soybean production in MY 2021-22 is expected to be around 10.8 million mt, nearly 16.6% lower on the year. At the Indore spot market in top producer MP, soybean gained 132 Rupees to 6300 Rupees per 100 kgs.Technically market is under short covering as market has witnessed drop in open interest by -1.49% to settled at while prices up 47 rupees, now Soyabean is getting support at 5884 and below same could see a test of 5810 levels, and resistance is now likely to be seen at 6033, a move above could see prices testing 6108.

Trading Ideas:
Soyabean trading range for the day is 5810-6108.
Soyabean gained as SOPA has pegged the acreage lower to the extent of 6.45 per cent at 115.5 lh
Latur Agriculture Produce Market Committee (APMC), reported arrivals of 15,000 quintals
Soyabean damaged on 8 lakh ha; crop health poor in 13% of planted area, says SOPA
At the Indore spot market in top producer MP, soybean gained  132 Rupees to 6300 Rupees per 100 kgs.


Ref.Soyaoil

Ref.Soyaoil yesterday settled up by 0.34% at 1314 as 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. Imports in 2020/21 marketing year ending Oct. 31 could fall to 13.1 million tonnes, the lowest in six years, from last year's 13.2 million, B.V. Mehta, SEA executive director, said in a virtual conference. Palm oil imports, however, could rise 8% from a year ago to 7.8 million tonnes, he said, as India allowed imports of refined palm oil and cut the import tax on crude palm oil. India's export of oilmeal, used as animal feed, declined 4 percent to 1,64,831 tonne in August from the year-ago period, in view of domestic shortage of the key oilmeal products. At the Indore spot market in Madhya Pradesh, soyoil was steady at 1336.3 Rupees per 10 kgs.Technically market is under fresh buying as market has witnessed gain in open interest by 0.13% to settled at while prices up 4.4 rupees, now Ref.Soya oil is getting support at 1299 and below same could see a test of 1284 levels, and resistance is now likely to be seen at 1337, a move above could see prices testing 1360.

Trading Ideas:
Ref.Soya oil trading range for the day is 1284-1360.
Ref soyoil prices seen supported as oilseeds output is also expected to be down a tad at 23.38 mt
India’s Sept edible oil stocks at ports and pipelines rose 3.24 percent mom: SEA
U.S. August soybean oil stock seen at 1.668 billion pounds: NOPA
At the Indore spot market in Madhya Pradesh, soyoil was steady at 1336.3 Rupees per 10 kgs.

Crude palm Oil

Crude palm Oil yesterday settled down by -0.04% at 1112.1 on profit booking after seen supported underpinned by signs of slowing production and a recovery in rival soyoil prices. Southern Peninsula Palm Oil Millers' Association estimated Malaysia's production during Sept. 1-20 fell 4.5% from the same period in August. Exports of Malaysian palm oil products for Sep. 1-20 rose 36.7 percent to 1,070,096 tonnes from 783,027 tonnes shipped during Aug. 1-20. Malaysia's palm oil exports during Sept. 1-20 rose 38% to 1,089,071 tonnes from the same week in August, cargo surveyor Amspec Agri said. However, this was slower than a 54% monthly rise in Sept. 1-15. Malaysia maintained its October export tax for crude palm oil at 8%, a circular on the Malaysian Palm Oil Board website showed. The world's second-largest palm exporter calculated a reference price of 4,472.46 ringgit ($1,068.18) per tonne for October, up from 4,255.52 ringgit in September. India has cut base import taxes on palm oil, soyoil and sunflower oil, a government order showed, as the world's biggest vegetable oil buyer tries to cool near-record price rises. The reduction in taxes could bring down prices of the edible oils in India and boost consumption, effectively increasing overseas buying by the south Asian country. In spot market, Crude palm oil gained by 0.6 Rupees to end at 1136.5 Rupees.Technically market is under fresh selling as market has witnessed gain in open interest by 3.78% to settled at 3924 while prices down -0.4 rupees, now CPO is getting support at 1104.3 and below same could see a test of 1096.4 levels, and resistance is now likely to be seen at 1119, a move above could see prices testing 1125.8.

Trading Ideas:
CPO trading range for the day is 1096.4-1125.8.
Crude palm oil dropped on profit booking after seen supported underpinned by signs of slowing production and a recovery in rival soyoil prices.
Southern Peninsula Palm Oil Millers' Association estimated Malaysia's production during Sept. 1-20 fell 4.5% from the same period in August.
Malaysia’s September 1-20 palm oil exports shoots up
In spot market, Crude palm oil gained  by 0.6 Rupees to end at 1136.5 Rupees.


Mustard Seed

Mustard Seed yesterday settled down by -0.65% at 8465 amid profit booking after prices seen supported due to deficient stocks and peak consumption season. Mustards stocks dwindle to 30Lakh tonnes with about 5-6 months remaining for new arrival season. Statistics Canada cut its canola production estimate to a 13-year low, due to drought. Prices seen supported as Government has increased the Mustard seed MSP from 4650.00 to 5050 i.e Rs.400 per quintal for RMS 2022-23. Support also seen amid regular demand from the stockists and lowering all India arrivals. In their August report, the IGC lowered their forecast for the world rapeseed production to 70.9 million tons (-2.2 compared to July and 72.1 compared to 2020/21). The rapeseed production in Canada will be 16 million tons (-2.8 and 18.7), 4.5 million tons in Australia (4.2 and 4.1), 2.8 million tons in Ukraine (2.7 and 2.7). 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. In Alwar spot market in Rajasthan the prices gained 141.6 Rupees to end at 8818.5 Rupees per 100 kg.Technically market is under long liquidation as market has witnessed drop in open interest by -2.38% to settled at while prices down -55 rupees, now Rmseed is getting support at 8420 and below same could see a test of 8376 levels, and resistance is now likely to be seen at 8531, a move above could see prices testing 8598.

Trading Ideas:
Rmseed trading range for the day is 8376-8598.
Mustard seed dropped amid profit booking after prices seen supported due to deficient stocks and peak consumption season.
Statistics Canada cut its canola production estimate to a 13-year low, due to drought.
Government has increased the Mustard seed MSP from 4650.00 to 5050 i.e Rs.400 per quintal for RMS 2022-23.
In Alwar spot market in Rajasthan the prices gained 141.6 Rupees to end at 8818.5 Rupees per 100 kg.



Turmeric

Turmeric yesterday settled up by 1.18% at 7220 on short covering following export demand from Europe, Gulf countries and Bangladesh. However upside seen limited amid prospects of better crop this kharif season along with tepid demand. The areas where turmeric has been sown have received adequate rainfall and are expected to produce well in the next season. Turmeric crops were severely damaged in Parbhani and Hingole due to heavy rains. India is on course to having a normal monsoon, which will recharge the country’s main water reservoirs just enough, and ensure that the most important crops for the kharif season have normal sowing. This is good news for agricultural production and food prices. 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. 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. 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 7195 Rupees dropped -6.2 Rupees.Technically market is under short covering as market has witnessed drop in open interest by -3.68% to settled at while prices up 84 rupees, now Turmeric is getting support at 7168 and below same could see a test of 7116 levels, and resistance is now likely to be seen at 7286, a move above could see prices testing 7352.

Trading Ideas:
Turmeric trading range for the day is 7116-7352.
Turmeric gained on short covering following export demand from Europe, Gulf countries and Bangladesh.
However upside seen limited amid prospects of better crop this kharif season along with tepid demand.
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 7195 Rupees dropped -6.2 Rupees.


Jeera

Jeera yesterday settled up by 1.15% at 14540 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. However upside seen limited as adequate stock with traders and farmers may keeping prices under pressure at higher levels. 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 up by 52.6 Rupees to end at 14461.55 Rupees per 100 kg.Technically market is under short covering as market has witnessed drop in open interest by -3.7% to settled at while prices up 165 rupees, now Jeera is getting support at 14400 and below same could see a test of 14255 levels, and resistance is now likely to be seen at 14690, a move above could see prices testing 14835.

Trading Ideas:
Jeera trading range for the day is 14255-14835.
Jeera gains as the export of cumin is increasing continuously and in the coming days there are signs of increasing the export of cumin
However upside seen limited as adequate stock with traders and farmers may keeping prices under pressure at higher levels.
India's cumin exports will increase due to less supply from Afghanistan-Syrian
In Unjha, a key spot market in Gujarat, jeera edged up by 52.6 Rupees to end at 14461.55 Rupees per 100 kg.


Cotton

Cotton yesterday settled up by 2.19% at 27110 as the pink bollworm attack on cotton crop in Punjab has been found to be much beyond earlier anticipated. Over one fourth area in biggest cotton growing districts of Bathinda and Mansa are disturbed on the count though earlier the attack was felt in around 10-15% area in these districts. Cotton procurement for 2021-22 kharif season should commence from the first week of November, Minister for Cooperation and Marketing Balasaheb Patil said. At a meeting, Patil took the stock of cotton cultivation in Maharashtra. He directed the department to start early cotton procurement from November first week to facilitate timely sale and income for farmers. The directives come in the wake of a delay in the last kharif season due to Covid-19 pandemic and lockdown, for which procurement centres did not open on time. “Cotton sowing in the current kharif season was done on 39.37 lack hectares. Last year, it was sown on 42.08 lakh hectares. The area under cotton sowing has declined by 6.44 per cent,” Patil said. Amid high demand and better prices being offered by private players, Punjab has witnessed a 50-fold increase in the arrival of cotton crop at mandis as compared to the figures till September 21 last year. In spot market, Cotton dropped by -70 Rupees to end at 26780 Rupees.Technically market is under fresh buying as market has witnessed gain in open interest by 9.22% to settled at 2049 while prices up 580 rupees, now Cotton is getting support at 26870 and below same could see a test of 26640 levels, and resistance is now likely to be seen at 27330, a move above could see prices testing 27560.

Trading Ideas:
Cotton trading range for the day is 26640-27560.
Cotton prices remained supported as the pink bollworm attack on cotton crop in Punjab has been found to be much beyond earlier anticipated.
Kharif cotton procurement should begin in November: Maharashtra minister
Amid high demand and better prices being offered by private players, Punjab has witnessed a 50-fold increase in the arrival of cotton crop
In spot market, Cotton dropped  by -70 Rupees to end at 26780 Rupees.