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Gold

Gold yesterday settled up by 1.25% at 47319 after the ISM PMI survey showed the US manufacturing sector expanded at a softer pace in April, due to slower growth rates for both new orders and employment. Gold was already gaining on the back of lower US Treasury yields and mounting concerns over the coronavirus crisis. The average daily rate of new COVID-19 cases around the world has been above 800,000 for more than a week, with India reporting more than 300,000 new infections for a twelfth straight day. Investors now await a raft of US economic data this week, including non-farm payrolls. Last week, the US Federal Reserve reiterated its ultra-accommodative monetary policy while also acknowledging an improving economic outlook and a rise in inflation. China's gold consumption in the first quarter rose 93.9% from the same period a year earlier to 288.2 tonnes, the China Gold Association said. Gold output in the January-March period fell 9.92% to 74.44 tonnes, the association said in a statement on its website. India and China drove gold jewellery demand 52 per higher during the first quarter this year with the same period a year ago, but it was still lower than the average first quarter demand during 2015-2019, according to the World Gold Council (WGC). Technically market is under fresh buying as market has witnessed gain in open interest by 1.62% to settled at 10587 while prices up 582 rupees, now Gold is getting support at 47010 and below same could see a test of 46701 levels, and resistance is now likely to be seen at 47539, a move above could see prices testing 47759.
Trading Ideas:
* Gold trading range for the day is 46701-47759.
* Gold prices gained after the ISM PMI survey showed the US manufacturing sector expanded at a softer pace in April.
* Gold was already gaining on the back of lower US Treasury yields and mounting concerns over the coronavirus crisis.
* China's Q1 gold consumption jumps 93.9% y/y on robust demand – association

Silver

Silver yesterday settled up by 3.71% at 70900 spurred on by some safe-haven bids stemming from rising coronavirus infections around the world and lower US Treasury yields. On top of that, expectations of increased industrial demand as the economic recovery gathers pace and a weaker dollar offered lasting support. On the economic data front, the ISM PMI survey showed the US manufacturing sector expanded at a softer pace in April, due to slower growth rates for both new orders and employment. Investors look forward to a raft of US economic data this week, including non-farm payrolls. Global silver demand will rise this year to its highest since 2015 as jewellery and industrial offtake rebounds after the coronavirus pandemic, helping to lift prices, the Silver Institute said in a report. The pandemic triggered a rush of investor stockpiling but curtailed demand from industry and jewellers, particularly in India, one of the most important markets. All demand segments except for exchange traded funds (ETFs), which store silver for investors, will use more this year, and even ETFs will buy far more than was typical before the pandemic, the report said. Strong industrial and jewellery demand will provide a floor for the market but investor demand will be the biggest factor determining prices. Technically market is under fresh buying as market has witnessed gain in open interest by 21.7% to settled at 10257 while prices up 2534 rupees, now Silver is getting support at 69289 and below same could see a test of 67679 levels, and resistance is now likely to be seen at 71827, a move above could see prices testing 72755.
Trading Ideas:
* Silver trading range for the day is 67679-72755.
* Silver rallied on some safe-haven bids stemming from rising coronavirus infections around the world and lower US Treasury yields.
* Further expectations of increased industrial demand as the economic recovery gathers pace and a weaker dollar offered lasting support.
* The ISM PMI survey showed the US manufacturing sector expanded at a softer pace in April, due to slower growth rates for both new orders and employment

Crude oil

Crude oil yesterday settled up by 1.27% at 4783 as optimism over a fuel demand recovery in countries including the US and China offset concerns about a deepening coronavirus crisis in India and higher OPEC+ oil supply. State-level restrictions aimed at stemming infections in India have caused fuel sales in the world’s third largest consumer to drop in April, preliminary data shows. Russian oil and gas condensate output rose 2% to 10.46 million barrels per day (bpd) in April, from 10.25 million bpd in March. Under a deal agreed by the OPEC+ group of leading oil producers in March, Russia's production quota was allowed to increase by 130,000 bpd from April 1 to 9.379 million bpd, excluding the output of gas condensate, a light oil. Russia's oil and gas condensate production totalled 42.81 million tonnes in April, in comparison with 43.34 million tonnes in March, which was a day longer, the news agency reported. Crude oil output in the U.S. fell 1.197 mln million barrels per day in February to 9.862 million bpd, according to a monthly reporter from the U.S. Energy Information Administration. Production fell in top producing states North Dakota and Texas, as well as in the offshore Gulf of Mexico, the report said. Technically market is under fresh buying as market has witnessed gain in open interest by 19.39% to settled at 6101 while prices up 60 rupees, now Crude oil is getting support at 4714 and below same could see a test of 4644 levels, and resistance is now likely to be seen at 4825, a move above could see prices testing 4866.
Trading Ideas:
* Crude oil trading range for the day is 4644-4866.
* Crude oil gained amid optimism over a fuel demand recovery in countries including the US and China
* OPEC oil output rises by 100,000 bpd in April
* Russia increased its oil production in April to almost 10.5 million barrels a day.

Nat.Gas

Nat.Gas yesterday settled up by 0.41% at 218.9 on forecasts for milder weather and less heating demand this week than previously expected. Support also seen after a government report showed that US stockpiles increased more than expected last week. That price decline came despite forecasts for slightly cooler weather and higher heating demand next week than previously expected, continued near record exports and lower output due to routine spring pipeline maintenance. The U.S. Energy Information Administration (EIA) said U.S. utilities added 15 billion cubic feet (bcf) of gas into storage during the week ended April 23. Last week's injection boosted stockpiles to 1.898 trillion cubic feet (tcf), or 2.1% below the five-year average of 1.938 tcf for this time of year. Data provider Refinitiv said gas output in the Lower 48 U.S. states slipped to an average of 91.3 billion cubic feet per day (bcfd) so far in April from 91.5 bcfd in March due to routine spring pipeline maintenance. That compares with a record monthly high of 95.4 bcfd in November 2019. Refinitiv projected average gas demand, including exports, would slide from 89.5 bcfd this week to 87.3 bcfd next week as the weather turns seasonally milder. Technically market is under fresh buying as market has witnessed gain in open interest by 2.21% to settled at 19278 while prices up 0.9 rupees, now Natural gas is getting support at 215.7 and below same could see a test of 212.6 levels, and resistance is now likely to be seen at 221.5, a move above could see prices testing 224.2.
Trading Ideas:
* Natural gas trading range for the day is 212.6-224.2.
* Natural gas prices steadied on forecasts for milder weather and less heating demand this week than previously expected.
* Support also seen after a government report showed that US stockpiles increased more than expected last week.
* EIA said U.S. utilities added 15 billion cubic feet (bcf) of gas into storage during the week ended April 23.

Copper


Copper yesterday settled up by 1.37% at 764.45 amid strong U.S. economic data and the Federal Reserve's commitment to continue supporting the economy fuelled investors' appetite for risk. The global copper market should see a surplus of 79,000 tonnes this year and of 109,000 tonnes in 2022, the International Copper Study Group (ICSG) said. Factory activity in top metals consumer China expanded at a slower-than-expected pace in April as supply and transport bottlenecks weighed on production and overseas demand lost momentum. Copper's rally, driven by a combination of optimism about recovery prospects for the pandemic-hit global economy and supply concerns, is likely to stall in the second half of 2021 as China reins in stimulus spending. Goldman Sachs forecast copper would average $9,675 a tonne in 2021, $11,875 a tonne in 2022 and $12,000 a tonne in 2023. However, Yangshan copper premium fell to $43 a tonne, its lowest since April 2017, indicating weakening demand from top consumer China as prices have leaped 24% this year. The global world refined copper market showed a 28,000 tonnes surplus in January, compared with a 1,000 tonnes deficit in December, the International Copper Study Group (ICSG) said in its latest monthly bulletin. Technically market is under fresh buying as market has witnessed gain in open interest by 14.01% to settled at 4084 while prices up 10.35 rupees, now Copper is getting support at 756.1 and below same could see a test of 747.8 levels, and resistance is now likely to be seen at 768.8, a move above could see prices testing 773.2.
Trading Ideas:
* Copper trading range for the day is 747.8-773.2.
* Copper prices gained amid strong U.S. economic data and Fed’s commitment to continue supporting the economy fuelled investors' appetite for risk.
* Global copper market to see 79,000 tonne surplus in 2021, says ICSG
* Copper's rally, driven by a combination of optimism about recovery prospects for the pandemic-hit global economy and supply concerns

Zinc

Zinc yesterday settled up by 0.73% at 234.15 as support seen after euro zone factory activity growth surged to a record high in April, boosted by burgeoning demand and driving a rise in hiring, although supply constraints led to an unprecedented rise in unfulfilled orders, a survey showed. While a third wave of coronavirus infections in Europe has forced some governments to shutter much of their dominant service industries, factories have largely remained open. IHS Markit's final Manufacturing Purchasing Managers' Index (PMI) rose to 62.9 in April from March's 62.5, albeit below the initial 63.3 "flash" estimate but the highest reading since the survey began in June 1997. Global supply of refined zinc is expected to exceed demand by 353,000 tonnes in 2021, the International Lead and Zinc Study Group (ILZSG) said, adding it expects global supply of lead to exceed demand by 96,000 tonnes. ILZSG forecasts global demand for refined zinc to rise by 4.3% to 13.78 million tonnes in 2021 and global zinc mine production by 5.7% to 12.92 million tonnes. Data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei decreased 21,900 mt from last Friday April 23 to 180,100 mt as of April 30. The stocks fell 9,700 mt from Monday April 26. Technically market is under fresh buying as market has witnessed gain in open interest by 2.78% to settled at 2331 while prices up 1.7 rupees, now Zinc is getting support at 232.6 and below same could see a test of 230.9 levels, and resistance is now likely to be seen at 235.4, a move above could see prices testing 236.5.
Trading Ideas:
* Zinc trading range for the day is 230.9-236.5.
* Zinc prices gained as support seen after euro zone factory activity growth surged to a record high in April
* Global supply of refined zinc is expected to exceed demand by 353,000 tonnes in 2021, the ILZSG said
* Chinese zinc smelters, produced 426,000 tonnes of zinc in March, up 7% year-on-year but down 9.8% month-on-month on a daily basis

Nickel

Nickel yesterday settled up by 0.07% at 1317.8 as prospects for rebounding growth as the global vaccine rollout gathers pace underpinned a rally in the metals market. Global demand for nickel is expected to increase to 2.67 million tonnes in 2021 from 2.39 million tonnes in 2020, the International Nickel Study Group said. Global output of nickel is expected to rise to 2.72 million tonnes from 2.49 million tonnes, the Lisbon-based group said, adding the implicit market balance is a surplus of 45,000 tonnes in 2021. Indonesian state miner Aneka Tambang (Antam) said its nickel ore output rose more than four-fold in the first three months of 2021 compared to the same period a year ago. Antam's nickel ore output stood at 2.64 million wet metric tonnes (WMT) in the first quarter, up from 629,000 WMT in the same period in 2020, the company said in a statement. The U.S. economy has had a steady run of good news in recent months, with job gains accelerating as businesses reopen and forecasters projecting that 2021 will see the strongest GDP growth in decades. But the Federal Reserve has shown no sign that there has been enough progress yet to ease the support for the economy that it put in place at the onset of the pandemic. Technically market is under short covering as market has witnessed drop in open interest by -4.93% to settled at 1676 while prices up 0.9 rupees, now Nickel is getting support at 1309.1 and below same could see a test of 1300.3 levels, and resistance is now likely to be seen at 1327.8, a move above could see prices testing 1337.7.
Trading Ideas:
* Nickel trading range for the day is 1300.3-1337.7.
* Nickel prices gained as prospects for rebounding growth as the global vaccine rollout gathers pace underpinned a rally in the metals market.
* Global nickel demand to increase to 2.67 mln tonnes in 2021 – INSG
* Indonesia's Antam Q1 nickel ore output up more than four – fold y/y

Aluminium

Aluminium yesterday settled up by 0.28% at 194.25 on strong demand and growing expectations that China’s supply will be limited due to carbon emission targets. The Chinese city of Baotou in Inner Mongolia shut down 34 ferroalloy companies and some captive power plants as part of a series of measures to meet its energy consumption targets for the first quarter, which could curb aluminum production by around 100,000 tonnes on an annual basis. Chinese officials have warned that they will cap high commodity prices to dampen inflation. Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, declined 25,000 mt from the prior week to 1.12 million mt as of April 29, and Wuxi mainly contributed to the decline. Shipments of aluminium billet out of warehouses rose slightly by 1,500 mt on the week to 61,200 mt as high aluminium prices weighed on downstream consumption. Data showed that stocks of 6063 aluminium billet across the five major consumption areas – Foshan, Wuxi, Huzhou, Changzhou and Nanchang – in China dropped 28,700 mt from the previous week to 134,000 mt as of Apr 29. German business sentiment rose by less than expected in April, the Ifo Institute’s business climate index, as a third wave of Covid-19 infections and industrial sector supply problems weighed on the recovery of Europe’s largest economy. Technically market is under fresh buying as market has witnessed gain in open interest by 0.28% to settled at 1814 while prices up 0.55 rupees, now Aluminium is getting support at 193.2 and below same could see a test of 192.1 levels, and resistance is now likely to be seen at 195.4, a move above could see prices testing 196.5.
Trading Ideas:
* Aluminium trading range for the day is 192.1-196.5.
* Aluminium gains on strong demand and growing expectations that China’s supply will be limited due to carbon emission targets.
* The Chinese city of Baotou in Inner Mongolia shut down 34 ferroalloy companies and some captive power plants
* Chinese officials have warned that they will cap high commodity prices to dampen inflation.

Mentha oil

Mentha oil yesterday settled up by 0.9% at 975.7 on low level buying after prices dropped amid worries of lockdown it is anticipated that there will be slow supply and same with demand in domestic as well as in the international market. Due to favourable wheather condition,the production of mentha in the states has improved and is at much better terms compare to last year. Sowing data is adequate and it is expected that Mentha can hit the market by 15th of June. Mentha has high demand in the production of cosmetics and confectionery goods but as it is not considered as necessity in present scenerio it is not much in demand. The COVID-19 outbreak has had a huge impact on the worldwide economy, and has posed a similar influence on the aroma chemicals market. The market has been faced with the lack of migrant labor, supply chain disruptions, shutdown of manufacturing activities, to name a few. In India, mentha is grown on 3,27,000-3,34,000 hectares, producing about 33,000-35,000 tonnes, accounting for 80 per cent share globally. With the boom in demand for oil and its derivatives in export markets, mentha production continued to rise until 2010. However, with the entry of synthetic menthol, the demand, price and production of mentha were hit. In Sambhal spot market, Mentha oil dropped by -13.3 Rupees to end at 1058.9 Rupees per 360 kgs.Technically market is under short covering as market has witnessed remain unchanged in open interest by 0% to settled at 20 while prices up 8.7 rupees, now Mentha oil is getting support at 964.6 and below same could see a test of 953.5 levels, and resistance is now likely to be seen at 985.9, a move above could see prices testing 996.1.
Trading Ideas:
* Mentha oil trading range for the day is 953.5-996.1.
* In Sambhal spot market, Mentha oil dropped  by -13.3 Rupees to end at 1058.9 Rupees per 360 kgs.
* Mentha oil gained on low level buying after prices dropped amid worries of lockdown there will be slow demand
* Due to favourable wheather condition,the production of mentha in the states has improved and is at much better terms compare to last year.
* The COVID-19 outbreak has had a huge impact on the worldwide economy, and has posed a similar influence on the aroma chemicals market.

Soyabean

Soyabean yesterday settled up by 0.3% at 7128 tracking rise in overseas prices as global supply tightens, and demand persists. CME raises soybean futures (s) maintenance margins by 7.2% to $4,100 per contract from $3,825 for May 2021. USDA said soybean export sales totaled 731,500 tonnes, topping forecasts that ranged from 100,000 tonnes to 700,000 tonnes. Russia plans to reduce its export tax on soybeans to 20%, but it will be no less than $100 per tonne, starting from July 1, the economy ministry said in a statement. The tax will be in place until September 2022, it said. Russia's export tax on soybeans is now set at 30%, with a minimum level of 165 euros ($200) per tonne, until June 30. Prices rallied to all time high in recently tracking rise in overseas prices as global supply tightens, and demand persists. The Solvent Extractors' Association (SEA) of India has stressed the need to impose more measures to check the excessive speculative activity in the soyabean futures. In a letter to the members of SEA of India, Atul Chaturvedi, President of the association, said that SEA was flooded with complaints from its members that the soyabean contract on the commodity exchange was witnessing an unnatural price run due to technical reasons and alleged price rigging by speculators. At the Indore spot market in top producer MP, soybean gained 168 Rupees to 7403 Rupees per 100 kgs.Technically market is under short covering as market has witnessed drop in open interest by -4.01% to settled at 58205 while prices up 21 rupees, now Soyabean is getting support at 7066 and below same could see a test of 7005 levels, and resistance is now likely to be seen at 7224, a move above could see prices testing 7321.
Trading Ideas:
* Soyabean trading range for the day is 7005-7321.
* Soyabean prices gained tracking rise in overseas prices as global supply tightens, and demand persists.
* USDA said soybean export sales totaled 731,500 tonnes, topping forecasts that ranged from 100,000 tonnes to 700,000 tonnes.
* Russia plans to reduce export tax on soybeans from July 1
* At the Indore spot market in top producer MP, soybean gained  168 Rupees to 7403 Rupees per 100 kgs.


Ref.Soyaoil

Ref.Soyaoil yesterday settled up by 1.77% at 1384.8 amid worries about global edible oils supply. However upside seen limited after reports that summer oilseed crop sowing progress is very good as on date. There is no impact of COVID-19 pandemic situation on progress of area coverage under summer crops in the country. Oilseeds 10.45 lakh ha area against 9.03 lakh ha area of last year, thus increase in area coverage by 1.41 lakh ha. Total vegetable oil imports rose marginally to 9,80,243 tonne in March 2021, compared to 9,55,422 tonne in the year-ago period. Support also seen due to low stocks, a slow recovery in output and higher global use in biofuel production. Prices rallied in recent session tracking rise in soyabean prices after the U.S. Department of Agriculture's plantings forecast for 2021 fell below most trade expectations. Export of oilmeals jumped 205% year-on-year in February to 393,309 tonne, compared with 128,761 tonne, according to data compiled by the Solvent Extractors’ Association of India (SEA). The overall export of oilmeals during April 2020 to February 2021 recovered sharply and stood at 3,358,649 tonne provisionally, against 2,256,614 tonne during the same period of the previous year, up by 49%, according to the association. At the Indore spot market in Madhya Pradesh, soyoil was steady at 1445.5 Rupees per 10 kgs.Technically market is under short covering as market has witnessed drop in open interest by -5.52% to settled at 30580 while prices up 24.1 rupees, now Ref.Soya oil is getting support at 1370 and below same could see a test of 1354 levels, and resistance is now likely to be seen at 1400, a move above could see prices testing 1414.
Trading Ideas:
* Ref.Soya oil trading range for the day is 1354-1414.
* Refsoyoil prices gained amid worries about global edible oils supply.
* However upside seen limited after reports that summer oilseed crop sowing progress is very good as on date.
* There is no impact of COVID-19 pandemic situation on progress of area coverage under summer crops in the country.
* At the Indore spot market in Madhya Pradesh, soyoil was steady at 1445.5 Rupees per 10 kgs.

Crude palm Oil

Crude palm Oil yesterday settled up by 1.81% at 1176.6 tracking rise in Malaysian prices buoyed by stronger April exports and a rally in rival soyoil amid worries about global edible oils supply. Exports of Malaysian palm oil products for April rose 10.1% to 1,397,916 tonnes from 1,270,058 tonnes shipped during March, cargo surveyor Intertek Testing Services said. Dry weather in Brazil is affecting yields of the country's second corn plantings, forecaster Safras & Mercado said as it lowered the country's corn crop estimate and exacerbated concerns of global supply. Indonesia's March crude palm oil production was up 13.5% compared to the year ago, an official at the country's palm oil association GAPKI told. Crude palm oil output in March stood at 3.71 million tonnes compared with the 3.27 million tonnes produced in the same month last year. Compared with February, it rose 20.9%.Indonesia's crude palm oil end stocks however stood at 3.2 million tonnes in March, 5.4% lower than a year ago and 20.6% lower than February. Indonesia estimates that it will export 5.9% more crude and refined palm oil in 2022 than this year, official data showed. Next year's exports are estimated at 27.135 million tonnes versus the 2021 estimate of 25.612 million, the data from BPDP, the government body in charge of subsidising palm oil programmes, showed. In spot market, Crude palm oil gained by 23 Rupees to end at 1237 Rupees.Technically market is under short covering as market has witnessed drop in open interest by -2.69% to settled at 5032 while prices up 20.9 rupees, now CPO is getting support at 1169.2 and below same could see a test of 1161.7 levels, and resistance is now likely to be seen at 1186.7, a move above could see prices testing 1196.7.
Trading Ideas:
* CPO trading range for the day is 1161.7-1196.7.
* Crude palm oil gains tracking rise in Malaysian prices buoyed by stronger April exports and amid worries about global edible oils supply.
* Indonesia's March crude palm oil production was up 13.5% compared to the year ago, an official at the country's palm oil association GAPKI told.
* Crude palm oil output in March stood at 3.71 million tonnes compared with the 3.27 million tonnes produced in the same month last year.
* In spot market, Crude palm oil gained  by 23 Rupees to end at 1237 Rupees.

Mustard Seed

Mustard Seed yesterday settled up by 0.49% at 6905 as crushing as increased due to rise in mustard oil demand. A total of 1.2 million tonnes of mustard crushing occurred in the country in March 2021 compared to 5.50 lakh tonnes in the month of February. Whereas, the stock of mustard with farmers is estimated to be 62.50 lakh tonnes and processors and stockists have a stock of six lakh tonnes of mustard. The arrival of mustard in February was 4.50 lakh tonne while in March it reached 17.7 million tonne. India mustard output this year is projected at 104.27 lakh tonnes. However, the Central Organisation for Oil Industry and Trade (COOIT) and the Mustard Oil Producers' Association (MOPA) have estimated the production at 89.50 lakh tonnes. As per USDA, World Mustard seed production is estimated to remain steady at 689 lakh tonnes in 2020-21. The beginning stock estimated to fall by 25% y-o-y, taking the total supply to decline by 2% to 923 lakh tonnes as compared to 944 lakh tonnes recorded in the last year. Total consumption and ending stocks are also estimated to be lower by 1% and 29% respectively. World export is also estimated to increase by 5% to 162 lakh tonnes as compared to 155 lakh tonnes last year. In Alwar spot market in Rajasthan the prices dropped -206 Rupees to end at 7325 Rupees per 100 kg.Technically market is under short covering as market has witnessed drop in open interest by -10.68% to settled at 54430 while prices up 34 rupees, now Rmseed is getting support at 6836 and below same could see a test of 6766 levels, and resistance is now likely to be seen at 7003, a move above could see prices testing 7100.
Trading Ideas:
* Rmseed trading range for the day is 6766-7100.
* Mustard seed prices gained as crushing as increased due to rise in mustard oil demand.
* A total of 1.2 million tonnes of mustard crushing occurred compared to 5.50 lakh tonnes.
* The stock of mustard with farmers is estimated to be 62.50 lakh tonnes and processors and stockists have a stock of six lakh tonnes of mustard.
* In Alwar spot market in Rajasthan the prices dropped -206 Rupees to end at 7325 Rupees per 100 kg.

Turmeric


Turmeric yesterday settled down by -1.77% at 7666 on profit booking as pressure seen after prices dropped across various agricultural produce marketing committee (APMC) yards in the country mainly on account of slack demand. Turmeric prices are down as there is no demand because traders fear a fresh lockdown due to rise in Covid-19 cases could result in stockists’ purchases dropping. Prices have declined by about ₹1,000 a quintal at various APMCs in Tamil Nadu, Karnataka and Maharashtra. Prices in Tamil Nadu and Maharashtra have slid to below ₹7,400 from about ₹8,400 at the start of the month. Arrivals are good but there is no demand particularly from stockists. Turmeric goes to Gujarat, particularly to cities such as Bhavnagar, Jamnagar and Ahmedabad. But purchases from stockists have slowed down since they fear grocery stores will shut due to lockdown. According to the Spices Board of India, turmeric exports increased 34 per cent in volume during the April-December period of the last fiscal to 1.39 lakh tonnes (1.03 lakh tonnes). The value of shipments increased 19 per cent to ₹2,461 crore during the period. According to the first advance estimates of horticultural crop for the current season to June, turmeric production is projected to be lower at 11.06 lakh tonnes (lt) against 11.53 lt last year. In Nizamabad, a major spot market in AP, the price ended at 7646.9 Rupees dropped -26.65 Rupees.Technically market is under long liquidation as market has witnessed drop in open interest by -6.06% to settled at 6740 while prices down -138 rupees, now Turmeric is getting support at 7552 and below same could see a test of 7438 levels, and resistance is now likely to be seen at 7796, a move above could see prices testing 7926.
Trading Ideas:
* Turmeric trading range for the day is 7438-7926.
* Turmeric dropped on profit booking as pressure seen after prices dropped across various APMC yards in the country mainly on account of slack demand.
* Turmeric prices are down as there is no demand because traders fear a fresh lockdown due to rise in Covid-19 cases could result in stockists’ purchases dropping.
* Prices have declined by about ₹1,000 a quintal at various APMCs in Tamil Nadu, Karnataka and Maharashtra.
* In Nizamabad, a major spot market in AP, the price ended at 7646.9 Rupees dropped -26.65 Rupees.

Jeera

Jeera yesterday settled flat at 13915 as lockdown restrictions increased against rising Covid cases, slowing spot trade interest weakened market sentiments and pushed prices lower. The wholesale offers for the NCDEX grade Jeera are currently offered around Rs.14000/qtl in Unjha and in Jodhpur, the mandi offers average near Rs.13900/qtl. Over a month, the wholesale prices in Unjha and Jodhpur have gone down by Rs.400/qtl and Rs.700/qtl respectively. As India struggles against curbing the Corona pandemic, exports markets have turned subdued. The importers prefer to wait for the situation to normalize before negotiating for fresh deals. They rather prefer to clear their older stocks first and presently they feel that the older inventory may be sufficient to balance the existing demand for next few weeks easily. The new season arrivals shall continue with good numbers hence there will be ample availability in the market. However from a broader perspective, India’s exports outlook has brightened while crop is expected to be lower versus year on year. Also, the nearest export competitors i.e. Turkey and Syria may not supply much to the world due to lower exportable surplus. In Unjha, a key spot market in Gujarat, jeera edged down by -21.9 Rupees to end at 14054.55 Rupees per 100 kg.Technically market is under short covering as market has witnessed drop in open interest by -1.84% to settled at 4482 while prices up 15 rupees, now Jeera is getting support at 13835 and below same could see a test of 13755 levels, and resistance is now likely to be seen at 13990, a move above could see prices testing 14065.
Trading Ideas:
* Jeera trading range for the day is 13755-14065.
* Jeera settled flat as lockdown restrictions increased against rising Covid cases, slowing spot trade interest weakened market sentiments
* As India struggles against curbing the Corona pandemic, exports markets have turned subdued.
* The new season arrivals shall continue with good numbers hence there will be ample availability in the market.
* In Unjha, a key spot market in Gujarat, jeera edged down by -21.9 Rupees to end at 14054.55 Rupees per 100 kg.

Cotton

Cotton yesterday settled down by -0.32% at 21810 as pressure seen after the Government of India’s top cotton crop assessment body has projected cotton consumption to dip by a little more than 8 per cent owing to the latest Covid-19 wave and the subsequent lockdowns in several States. The Union Ministry of Textiles’ Committee on Cotton Production and Consumption (COCPC) has reduced cotton consumption for season 2020-21 (October to September period) from 330 lakh bales (each of 170 kg) to 303 lakh bales, primarily due to the current lockdowns as the severe second wave of Covid has gripped the entire nation. In the COCPC meeting held on April 30, the estimated cotton closing stock has been increased from the earlier projected 98.79 lakh bales to 118.79 lakh bales at the end of the season on September 30, 2021. The COCPC, which was formed in September 2020 replacing the erstwhile Cotton Advisory Board (CAB), has also curtailed the projected cotton output for the season from the earlier estimated 371 lakh bales to 360 lakh bales. China's National Development and Reform Commission (NDRC) said it had issued an additional 700,000 tonnes quota for cotton imports this year, all of which is for non-state traders and will be subject to a sliding scale tariffs system. In spot market, Cotton gained by 10 Rupees to end at 22000 Rupees.Technically market is under fresh selling as market has witnessed gain in open interest by 0.62% to settled at 8725 while prices down -70 rupees, now Cotton is getting support at 21580 and below same could see a test of 21360 levels, and resistance is now likely to be seen at 21960, a move above could see prices testing 22120.
Trading Ideas:
* Cotton trading range for the day is 21360-22120.
* Cotton prices dropped as pressure seen after COCPC projects season 2020-21 consumption at 303 lakh bales, down from 330 lakh bales
* The estimated cotton closing stock has been increased from the earlier projected 98.79 lakh bales to 118.79 lakh bales
* China's National Development and Reform Commission (NDRC) said it had issued an additional 700,000 tonnes quota for cotton imports this year
* In spot market, Cotton gained  by 10 Rupees to end at 22000 Rupees.

Chana

Chana yesterday settled down by -1.59% at 5252 on profit booking ahead of sowing report which can report higher sowing under Pulses area compare with last year. As on 23.04.2021, total summer crops have been sown on 73.76 lakh ha area against 60.67 lakh ha during the corresponding period of last year, thus increase in total summer area coverage by 13.09 lakh ha compared to corresponding period of last year in the country. Sowing reported under Pulses 12.75 lakh ha against 6.45 lakh ha area of last year i.e. increase in area coverage by 6.30 lakh ha. Pressure also seen as demand gets affected amid rise in Covid cases after prices gained in recent session due to expectation of better demand during the upcoming festival season. In addition, the government has initiated procurement at the minimum support price in major markets. Government agency Nafed has purchased 1.52 lakh tonnes of gram in Andhra Pradesh, Maharashtra, Madhya Pradesh, Telangana, Karnataka and Gujarat. According to the second advance estimate of the Ministry of Agriculture, a record 116 million tonnes of gram production is expected in the 2020-21 season. As per Ministry of Agriculture data, chana sowing in this Rabi season crossed 112 lakh ha, which is up by about five per cent from same period last year. In Delhi spot market, chana dropped by -84 Rupees to end at 5300 Rupees per 100 kgs.Technically market is under long liquidation as market has witnessed drop in open interest by -6.52% to settled at 69270 while prices down -85 rupees, now Chana is getting support at 5209 and below same could see a test of 5166 levels, and resistance is now likely to be seen at 5326, a move above could see prices testing 5400.
Trading Ideas:
* Chana trading range for the day is 5166-5400.
* Chana prices dropped  as the arrival of new crops in physical markets is increasing day by day as farmers rush to sell their produce
* Government has purchased about 8% of the targeted 3.25 million tonnes of gram in 2020-21
* Sowing reported under Pulses 12.75 lakh ha against 6.45 lakh ha area of last year i.e. increase in area coverage by 6.30 lakh ha.
* In Delhi spot market, chana dropped  by -84 Rupees to end at 5300 Rupees per 100 kgs.

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