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Gold 

Gold yesterday settled up by 0.01% at 47577 as U.S. trade deficit in goods increased in June as imports continued to rise amid strong economic activity, suggesting trade likely remained a drag on growth in the second quarter. The U.S. economy has rebounded more quickly from the pandemic compared to its global rivals, thanks to massive fiscal stimulus, low interest rates and vaccinations against COVID-19. But bottlenecks in the supply chain have hampered manufacturers' ability to boost production, drawing in more imports. The number of applications for U.S. home mortgages increased last week, driven by an uptick in refinancing activity and a decline in purchase activity as mortgage rates fell. China's net gold imports via Hong Kong jumped 41.8% in June from the previous month, Hong Kong Census and Statistics Department data showed. Net imports stood at 30.887 tonnes in June compared with 21.781 tonnes in May, the data showed. Total gold imports via Hong Kong rose to 37.226 tonnes from 26.684 tonnes. Gold imports, which have a bearing on the country's current account deficit, jumped multi-fold to USD 7.9 billion during the April-June 2021 quarter due to low base effect in the wake of the COVID-19 pandemic, according to data from the Commerce Ministry. Imports of the yellow metal had plunged to USD 688 million in the corresponding period last year, the data showed. Technically market is under short covering as market has witnessed drop in open interest by -32.26% to settled at 2753 while prices up 4 rupees, now Gold is getting support at 47469 and below same could see a test of 47360 levels, and resistance is now likely to be seen at 47688, a move above could see prices testing 47798.

Trading Ideas:
* Gold trading range for the day is 47360-47798.
* Gold settled flat on investor caution ahead of a Federal Reserve policy meeting that could provide details on the tapering of asset purchase.
* U.S. trade deficit in goods increased in June as imports continued to rise amid strong economic activity
* Providing a further boost to the metal, the yield on 10-year Treasury inflation-protected securities hit a record low of -1.147%.

Silver 

Silver yesterday settled up by 0.51% at 66390 ahead of the Federal Reserve policy meeting conclusion while a spike in coronavirus infections threatens a steady global economic recovery and supports metals demand. U.S. consumer confidence hovered at a 17-month high in July, suggesting the economy maintained its strong growth clip at the start of the third quarter. The Conference Board said its consumer confidence index was little changed at a reading of 129.1 this month, the highest level since February 2020. Economists polled by Reuters had forecast the index falling to 123.9. The survey places more emphasis on the labor market. New orders for key U.S.-made capital goods increased solidly in June despite supply constraints hampering production at some factories, suggesting business spending on equipment could remain strong beyond the second quarter. Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, rose 0.5% last month, the Commerce Department said. A survey showed German business confidence weakened unexpectedly in July as managers' optimism was clouded by problems with the supply of raw materials and other products and by an upturn in coronavirus infections. The dollar held firm as China's crackdown on private tutoring companies and growing trade tensions between Washington and Beijing dampened investors' appetite for riskier assets. Technically market is under short covering as market has witnessed drop in open interest by -12.36% to settled at 11485 while prices up 334 rupees, now Silver is getting support at 66073 and below same could see a test of 65756 levels, and resistance is now likely to be seen at 66694, a move above could see prices testing 66998.

Trading Ideas:
* Silver trading range for the day is 65756-66998.
* Silver seen supported ahead of a U.S. Federal Reserve policy decision due later in the day.
* U.S. consumer confidence hovered at a 17-month high in July, suggesting the economy maintained its strong growth clip at the start of the third quarter.
* Sales of new U.S. single-family homes tumbled in June and sales in the prior month were weaker than initially estimated

Crude oil

Crude oil yesterday settled up by 1.29% at 5403 after data showed U.S. crude inventories fell more sharply than forecast, bringing the market's focus back to tight supplies rather than rising coronavirus infections. Crude inventories fell by 4.1 million barrels in the week to July 23, the U.S. Energy Information Administration said. Gasoline and distillate fuel stocks also dropped. Stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures fell by 1.268 million barrels, EIA said. Net U.S. crude imports fell last week by 616,000 barrels per day. Oil has risen 45% this year, helped by demand recovery and supply curbs by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+.OPEC+ agreed to increase supply by 400,000 barrels per day from August, unwinding more of last year's record supply cut, but this is seen as too low by some analysts given the rebound in demand expected this year. A rising number of coronavirus cases worldwide, despite vaccination programs, has limited the upside for oil and remains a concern. India's crude oil imports in June dropped to their lowest level in eight months as refiners cut down processing in the face of a tumultuous second wave of the coronavirus, government data showed. Technically market is under fresh buying as market has witnessed gain in open interest by 20.43% to settled at 5601 while prices up 69 rupees, now Crude oil is getting support at 5359 and below same could see a test of 5316 levels, and resistance is now likely to be seen at 5430, a move above could see prices testing 5458.

Trading Ideas:
* Crude oil trading range for the day is 5316-5458.
* Crude oil rose after data showed U.S. crude inventories fell more sharply than
* EIA reports 4.1 million barrel drop in U.S. crude inventories
* Gasoline and distillate fuel stocks also dropped.

Natural gas

Nat.Gas yesterday settled up by 1.02% at 297.7 on soaring global gas prices that should boost U.S. liquefied natural gas (LNG) prices. That small price increase came despite forecasts for less hot weather and lower air conditioning demand next week than previously expected. In Texas, meanwhile, less hot forecasts caused the Electric Reliability Council of Texas (ERCOT), the grid operator for most of the state, to lower its peak demand forecasts for the next week to below the high for the year hit. Data provider Refinitiv said gas output in the U.S. Lower 48 states had slipped to 91.5 billion cubic feet per day (bcfd) so far in July, due mostly to pipeline problems in West Virginia early in the month. Refinitiv projected average gas demand, including exports, would drop from 95.6 bcfd this week to 91.5 next week on expectations for less heat and air conditioning demand. The amount of gas flowing to U.S. LNG export plants has averaged 10.8 bcfd so far in July, up from 10.1 bcfd in June but still below April's 11.5-bcfd record. U.S. pipeline exports to Mexico have averaged 6.5 bcfd so far in July, down from a record 6.8 bcfd in June. Technically market is under fresh buying as market has witnessed gain in open interest by 29.72% to settled at 15080 while prices up 3 rupees, now Natural gas is getting support at 289.7 and below same could see a test of 281.6 levels, and resistance is now likely to be seen at 302.2, a move above could see prices testing 306.6.

Trading Ideas:
* Natural gas trading range for the day is 281.6-306.6.
* Natural gas prices gained on soaring global gas prices that should boost U.S. liquefied natural gas (LNG) prices.
* Speculators, cut their net long positions last week for a second week in a row.
* U.S. natural gas storage is expected to end the April-October injection season at 3.550 trillion cubic feet (tcf) on Oct. 31, the lowest since 2018

Copper

Copper yesterday settled down by -1% at 751 as prices remained under pressure from rising mine supply and China's drive to cap commodity prices. Investors waited for details from a Federal Reserve meeting that could shift expectations for U.S. monetary policy. Demand for commodities in China, the biggest consumer of raw materials, will likely slow in the second half of 2021 but copper demand should remain strong due to subsidies for offshore wind projects. Copper stocks in Shanghai Futures Exchange (ShFE) warehouses are below 100,000 tonnes from almost 230,000 tonnes in May, and Yangshan copper import premiums have doubled since the start of July, pointing to rising demand for overseas metal. However, inventories in LME-registered warehouses, at 230,225 tonnes, are the highest since June 2020. From the macro perspective, data showed that US durable goods orders climbed 0.8% in June, lower than the market expectation of 2.1%. Copper broke its previous congestion range amid rising market sentiment, added long positions and fluctuated US indexes. While investors held a more cautious attitude ahead Fed’s interest rate meeting, waiting for further guidance regarding monetary policy bias. Technically market is under long liquidation as market has witnessed drop in open interest by -8.21% to settled at 3632 while prices down -7.55 rupees, now Copper is getting support at 746 and below same could see a test of 741 levels, and resistance is now likely to be seen at 760.2, a move above could see prices testing 769.4.

Trading Ideas:
* Copper trading range for the day is 741-769.4.
* Copper dropped as prices remained under pressure from rising mine supply and China's drive to cap commodity prices.
* Investors waited for details from a Federal Reserve meeting that could shift expectations for U.S. monetary policy.
* Copper stocks in Shanghai Futures Exchange (ShFE) warehouses are below 100,000 tonnes from almost 230,000 tonnes in May.

Zinc

Zinc yesterday settled remain unchangeby 0% at 244.95 as US July Consumer Confidence rose to a 17-month high, and the house prices gained the largest year-on-year increase in May. TCs for domestic concentrate rose again, and 50,000 mt of zinc reserve was released, keeping the supply abundant. Social inventories continued to fall to new lows, which boosted the confidence of the longs. From the macro perspective, upstream mining and raw material manufactories industries both recorded significant growth in 1H, indicating profound development among mining and smelting, according to National Bureau of Statistics. The International Monetary Fund maintained its 6% global growth forecast for 2021, upgrading its outlook for the United States and other wealthy economies but cutting estimates for a number of developing countries struggling with surging COVID-19 infections. The divergence is based largely on better access to COVID-19 vaccines and continued fiscal support in advanced economies, while emerging markets face difficulties on both fronts, the IMF said in an update to its World Economic Outlook. U.S. single-family home prices in 20 key urban markets rose in May from a year earlier at the fastest pace in nearly 17 years, a closely watched survey said. Technically market is under long liquidation as market has witnessed drop in open interest by -7.66% to settled at 1759 while prices remain unchanged 0 rupees, now Zinc is getting support at 243.2 and below same could see a test of 241.5 levels, and resistance is now likely to be seen at 246.4, a move above could see prices testing 247.9.

Trading Ideas:
* Zinc trading range for the day is 241.5-247.9.
* Zinc prices settled flat as US July Consumer Confidence rose to a 17-month high
* TCs for domestic concentrate rose again, and 50,000 mt of zinc reserve was released, keeping the supply abundant.
* Social inventories continued to fall to new lows, which boosted the confidence of the longs.

Nickel

Nickel yesterday settled up by 1.14% at 1481.1 buoyed by strong demand from stainless steel mills and electric vehicle battery makers, amid tight supply. Supplies are under pressure this year due to disruptions at nickel mines in New Caledonia, Russia and Canada. Vale, one of the world’s largest producers, said nickel output declined in the second quarter of the year and it’s reviewing annual guidance. Production at Vale’s northeast Ontario operation halted when unionized workers went on strike on June 1 increasing extra charges consumers pay on top of nickel prices on the London Metal Exchange, as stockpiles of the metal dwindle. Meantime, electric-car maker Tesla Inc. struck a nickel-supply deal with BHP Group to avoid a future supply crunch. Healthy demand from stainless steel mills and electric vehicle battery makers is expected to underpin nickel prices over coming months, but rising supplies from top producer Indonesia are likely to weigh next year. New orders for key U.S.-made capital goods increased solidly in June despite supply constraints hampering production at some factories, suggesting business spending on equipment could remain strong beyond the second quarter. Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, rose 0.5% last month, the Commerce Department said. Technically market is under fresh buying as market has witnessed gain in open interest by 8.25% to settled at 2218 while prices up 16.7 rupees, now Nickel is getting support at 1467.6 and below same could see a test of 1454 levels, and resistance is now likely to be seen at 1494.4, a move above could see prices testing 1507.6.

Trading Ideas:
* Nickel trading range for the day is 1454-1507.6.
* Nickel prices rose buoyed by strong demand from stainless steel mills and electric vehicle battery makers, amid tight supply.
* Booming stainless steel output to sustain nickel prices for months
* Vale, one of the world’s largest producers, said nickel output declined in the second quarter of the year

Aluminium

Aluminium yesterday settled up by 1.13% at 202.15 boosted by strong demand and production cutbacks in China due to power issues. Cash aluminium on the LME has flipped to a $9.50 premium against the three-month contract from a $20 discount two weeks ago, pointing to tighter supply of quickly deliverable metal. Spot deal in Gongyi further went up with higher purchasing intention, while some traders reported interrupted transportation on Longhai railway, with some aluminium ingot stuck halfway. Attention shall be paid to transportation situation in Henan as well as the product arrivals at central and east China. The second release of government reserves stood at 90000 mt, lower than market expectation and pulling up again aluminium prices as a result of market sentiments. Attention shall be paid to the influence of power restrictions to supply and demand, flood in Henan, inventory pivot as well as changes in preferences for short. Global primary aluminium output fell to 5.549 million tonnes in June from revised 5.75 million tonnes in May, data from the International Aluminium Institute (IAI) showed. In consideration of the recent unexpected production suspension of some electrolytic aluminium companies in Henan, short supply will continue. Technically market is under fresh buying as market has witnessed gain in open interest by 20.99% to settled at 2375 while prices up 2.25 rupees, now Aluminium is getting support at 199.7 and below same could see a test of 197.2 levels, and resistance is now likely to be seen at 203.9, a move above could see prices testing 205.6.

Trading Ideas:
* Aluminium trading range for the day is 197.2-205.6.
* Aluminium prices gained boosted by strong demand and production cutbacks in China due to power issues.
* Cash aluminium on the LME has flipped to a $9.50 premium against the three-month contract from a $20 discount two weeks ago
* The second release of government reserves stood at 90000 mt, lower than market expectation

Mentha oil 

Mentha oil yesterday settled down by -0.35% at 961.6 as average yield in Barabanki is improved by 5-6 kgs per acre due to better weather. Support also seen due to the rotting of the crop due to stagnant water in the field. The past few weeks have been painful as heavy rains in the pre-monsoon season have damaged the mentha crop which was ready for harvesting. Due to drowning in the water, the rows have started to wither. With the harvesting of the crop, oil extraction work has also started. However upside seen limited as arrivals likely to increase due to favourable weather conditions. Daily arrivals should gradually pick up to 400-500 drums in next 7-10 days. Last week, prices rallied. The Lucknow-based Central Institute of Medicinal and Aromatic Plants estimates that this adverse effect of rains on the crop is expected to reduce production by 30% in the last two weeks. The crop is prone to rain because the leaves of the crop start falling due to waterlogging in the field. Most of the farmers have planted Mentha crops and this rain is not less than acid for 50 percent of Mentha crop. In Sambhal spot market, Mentha oil dropped by -34.5 Rupees to end at 1042.6 Rupees per 360 kgs.Technically market is under long liquidation as market has witnessed drop in open interest by -1.17% to settled at 1095 while prices down -3.4 rupees, now Mentha oil is getting support at 954.8 and below same could see a test of 948 levels, and resistance is now likely to be seen at 970.1, a move above could see prices testing 978.6.

Trading Ideas:
* Mentha oil trading range for the day is 948-978.6.
* In Sambhal spot market, Mentha oil dropped  by -34.5 Rupees to end at 1042.6 Rupees per 360 kgs.
* Mentha oil prices dropped as average yield in Barabanki improved
* Prices gained in recent sessions due to the rotting of the crop due to stagnant water in the field.
* The past few weeks have been painful as heavy rains in the pre-monsoon season have damaged the mentha crop which was ready for harvesting.
 

Soyabean

Soyabean yesterday settled down by -6% at 8980 on profit booking after prices gained as the delayed monsoon and the planting activity of soybean is adversely affected due to deficient rains in central India, speculation are high that there could be of drop in sowing to the tune of 10-12% expected in market. Rainfall was fairly poor in many parts in the initial weeks of July, agriculturally the most critical month. More than the deficiency, this year’s uneven rain has been a cause of concern, agriculturally and climate-wise. Support also seen amid tightening inventory situation in the country and amid slower pace of sowing. Government reports indicate that the weakening of rains has impacted the sowing of crops in Maharashtra, Gujarat, Rajasthan, Haryana and Punjab. Area sown under soybean was lagging behind last year’s area by nearly 11.05 per cent. Planting of overall oilseeds, including soybean was at 11.2 million hectares, down from 12.6 million hectares the previous year. A “break” in the monsoon has affected Kharif sowing in many parts of the country this year. However, area under soybean planting is likely to increase by 5-7% across the country this kharif season despite speculation in the market over the shortage of seeds. At the Indore spot market in top producer MP, soybean dropped -300 Rupees to 9568 Rupees per 100 kgs.Technically market is under long liquidation as market has witnessed drop in open interest by -12.93% to settled at 22995 while prices down -573 rupees, now Soyabean is getting support at 8724 and below same could see a test of 8467 levels, and resistance is now likely to be seen at 9494, a move above could see prices testing 10007.

Trading Ideas:
* Soyabean trading range for the day is 8467-10007.
* Soyabean dropped on profit booking after prices gained as the delayed monsoon and the planting activity of soybean is adversely affected
* USDA reported that the condition of crops unexpectedly deteriorated last week.
* The soybean crop was rated 58% good-to-excellent, down 2 percentage points from a week earlier, and behind market forecasts.
* At the Indore spot market in top producer MP, soybean dropped  -300 Rupees to 9568 Rupees per 100 kgs.

Soyaoil

Ref.Soyaoil yesterday settled down by -0.06% at 1389.5 on profit booking tracking weakness in Soyabean prices after prices seen supported by lingering concerns over tight supply. China raised its forecast on imports of edible oils in 2020/21 marketing year, on increase of palm oil and sunflower oil shipments, the country's agriculture ministry said. China's 2020/21 edible oils imports were seen at 10.23 million tonnes, up 900,000 tonnes from last month's forecast, the Ministry of Agriculture and Rural Affairs said in its monthly crop report. Estimates on output, planting acreage and imports of corn, soybeans and cotton in the 2021/22 year remain unchanged from a month ago, according to the ministry. China's soybean acreage in 2021/22 year was seen at 9.347 million hectares, down 5.4% from 9.882 million hectares in the previous year, according to the report. India has slashed the base import price of palm oil and soyoil, the government said in a statement, as prices fell in the overseas market. India exported 5.31 lakh tonnes of oilmeals in the first two months of the fiscal 2021-22 against 3.50 lakh tonnes in the same period a year ago, recording a growth of 52 per cent. BV Mehta, Executive Director of Solvent Extractors’ Association of India (SEA), said the export of oilmeals increased sharply on the back of shipments of rapeseed meal during the period. At the Indore spot market in Madhya Pradesh, soyoil was steady at 1409.8 Rupees per 10 kgs.Technically market is under long liquidation as market has witnessed drop in open interest by -4.57% to settled at 30360 while prices down -0.8 rupees, now Ref.Soya oil is getting support at 1377 and below same could see a test of 1364 levels, and resistance is now likely to be seen at 1401, a move above could see prices testing 1412.

Trading Ideas:
* Ref.Soya oil trading range for the day is 1364-1412.
* Ref soyoil dropped on profit booking tracking weakness in Soyabean after prices seen supported by lingering concerns over tight supply.
* China raised its forecast on imports of edible oils in 2020/21 marketing year, on increase of palm oil and sunflower oil shipments.
* China's 2020/21 edible oils imports were seen at 10.23 million tonnes, up 900,000 tonnes from last month's forecast
* At the Indore spot market in Madhya Pradesh, soyoil was steady at 1409.8 Rupees per 10 kgs.

Crude palm Oil 

Crude palm Oil yesterday settled up by 0.04% at 1140.7 buoyed by strong demand from top buyer India and a cut in domestic export tax reference price. However upside seen limited weighed down by weaker exports from Malaysian during July 1 to 25. Exports of Malaysian palm oil products for Jul. 1-25 fell 1.5 percent to 1,150,452 tonnes from 1,167,989 tonnes shipped during Jun. 1-25. Malaysia maintained its August export tax for crude palm oil at 8% and lowered its reference price, according to the Malaysian Palm Oil Board. Indonesia crude palm oil prices, which were two weeks ago at levels similar to those in Malaysia, are now at a $30 discount. The world's second-largest palm exporter calculated a reference price of 3,975.92 ringgit ($941.16) per tonne for August, down from 4,688.15 ringgit in July. The export tax structure starts at 3% for crude palm oil in a 2,250 to 2,400 ringgit-per-tonne range. A labour shortage and coronavirus restrictions are clouding the palm oil production outlook in No. 2 producer Malaysia, dimming hopes of a large rise in output in the seasonal peak months during the third quarter of the year. In spot market, Crude palm oil dropped by -3.3 Rupees to end at 1184.7 Rupees.Technically market is under fresh buying as market has witnessed gain in open interest by 10.09% to settled at 5009 while prices up 0.5 rupees, now CPO is getting support at 1132.3 and below same could see a test of 1123.8 levels, and resistance is now likely to be seen at 1148, a move above could see prices testing 1155.2.

Trading Ideas:
* CPO trading range for the day is 1123.8-1155.2.
* Crude palm oil recovered to gain buoyed by strong demand from top buyer India and a cut in domestic export tax reference price.
* Exports of Malaysian palm oil products for Jul. 1-25 fell 1.5 percent to 1,150,452 tonnes
* However downside seen limited buoyed by strong demand from top buyer India and a cut in domestic export tax reference price.
* In spot market, Crude palm oil dropped  by -3.3 Rupees to end at 1184.7 Rupees.
 

Mustard Seed

Mustard Seed yesterday settled down by -1.04% at 7538 as mustard arrivals in its major producing states i.e. Rajasthan, Madhya Pradesh, Uttar Pradesh and Gujarat improved. As per sources, estimated mustard crushing during June 2021 stood at 6 lakh tonnes, lower by 33% compared to 9 lakh tonnes last month it is also lower by 25% against 8 lakh tonnes in June 2020. Further negative crush margin for mustard seed also discouraged crushing activity and further reduced buying interest for mustard seed. India’s Rapeseed meal exports fell by 46% to 0.97 lakh tonnes on M-o-M basis during May-2021. However mustard meal exports were higher by 66% as compared to same period last year. In 2022-22 marketing year (Mar-Feb), total arrivals reported were up by 309% as compared to the arrivals during the corresponding period last year. According DGFT, "import policy" of refined bleached deodorised palm oil, and refined bleached deodorised palmolein "is amended from restricted to free with immediate effect and for a period up to December 31, 2021". As per USDA in its June-21 update, World Mustard seed production for 2021-22 is estimated to increase by 4% at 741 lakh tonnes. The beginning stock estimated to fall by 25% to 57 lakh tonnes. Total consumption estimated to remain same around last year and ending stocks are also estimated to be lower by 1% at 57 lakh tonnes. In Alwar spot market in Rajasthan the prices dropped -51.5 Rupees to end at 7685.5 Rupees per 100 kg.Technically market is under long liquidation as market has witnessed drop in open interest by -10.73% to settled at 37450 while prices down -79 rupees, now Rmseed is getting support at 7479 and below same could see a test of 7420 levels, and resistance is now likely to be seen at 7629, a move above could see prices testing 7720.

Trading Ideas:
* Rmseed trading range for the day is 7420-7720.
* Mustard seed dropped as mustard arrivals in Rajasthan, Madhya Pradesh, Uttar Pradesh and Gujarat improved.
* In 2022-22 marketing year (Mar-Feb), total arrivals reported were up by 309% as compared to the arrivals during the corresponding period last year.
* Estimated mustard crushing during June 2021 stood at 6 lakh tonnes, lower by 33% compared to 9 lakh tonnes last month
* In Alwar spot market in Rajasthan the prices dropped -51.5 Rupees to end at 7685.5 Rupees per 100 kg.

Turmeric 

Turmeric yesterday settled down by -0.08% at 7356 as prices traded in range amid comfortable supplies of Turmeric with pick-up in mandi arrivals along with sufficient availability of stocks with traders. Further there is expectation of increase in Turmeric sowings in some areas were the key factors that dented market sentiments in the month of June. As the lockdown restrictions were eased in the month of June, the key Turmeric growing states, including Maharashtra and Telangana reported noticeable increase in mandi arrivals, which augmented physical market supplies and pressurized prices. Mandi arrivals of Turmeric, at all-India level, more than doubled in June 2021 compared to the previous month supported by substantial increase in arrivals in Maharashtra and Telangana. Mandi arrivals had remained sluggish in April and May due to closure of mandis in many regions on account of festival season and Covid related lockdown restrictions. The demand remained subdued from bulk buyers from major consumption centres in the country. According to the statistics of the Department of Commerce, Government of India, the highest number of 1.84 lakh tonnes of turmeric was exported during the last financial year 2020-21. The export of turmeric is highest in the months of May, June and July. After the relaxation of the lockdown in some states, spot prices have started increasing in Erode and Nanded mandis last week. In Nizamabad, a major spot market in AP, the price ended at 7331.8 Rupees dropped -7.95 Rupees.Technically market is under long liquidation as market has witnessed drop in open interest by -0.72% to settled at 11680 while prices down -6 rupees, now Turmeric is getting support at 7322 and below same could see a test of 7288 levels, and resistance is now likely to be seen at 7382, a move above could see prices testing 7408.

Trading Ideas:
* Turmeric trading range for the day is 7288-7408.
* Turmeric settled flat amid comfortable supplies of Turmeric with pick-up in mandi arrivals along with sufficient availability of stocks with traders.
* Further there is expectation of increase in Turmeric sowings in some areas were the key factors that dented market sentiments
* The demand remained subdued from bulk buyers from major consumption centres in the country.
* In Nizamabad, a major spot market in AP, the price ended at 7331.8 Rupees dropped -7.95 Rupees.

Jeera 

Jeera yesterday settled down by -1.35% at 13165 due to higher availability with farmers and general demand from stockists. Pressure also seen due to the uncertainty of the lockdown over a possible third wave of Covid and low demand from the hotel industry. Mandi arrivals of Jeera, at all-India level more than doubled in June 2021 compared to the previous month following increased arrivals in Gujarat as well as Rajasthan. As per preliminary estimates suggested that carryover stocks of Jeera are likely to be around of about 20-25 Lakh bags (of 55 Kg each), i.e., 1.10 to 1.30 lakh tonnes which are higher than usual range of 7-12 Lakh bags. However, after accounting for wastage, and increased exports, market participants are expecting carryover stocks to be around 0.65-0.70 lakh tonnes. It may be noted that during the FY 2020-21 Jeera exports stood at 2.98 lakh tonnes, 39% higher over the previous year. As per sources, export demand for Jeera is expected to recover as close competitors of India in terms of exporting Jeera, viz., Turkey and Syria may not supply much to the world due to lower exportable surplus. It has been reported that production in Syria is likely to be lower because of political instability and in Turkey is also likely to be lower compared to previous year. In Unjha, a key spot market in Gujarat, jeera edged down by -122.2 Rupees to end at 13577.8 Rupees per 100 kg.Technically market is under long liquidation as market has witnessed drop in open interest by -1.77% to settled at 5820 while prices down -180 rupees, now Jeera is getting support at 13090 and below same could see a test of 13015 levels, and resistance is now likely to be seen at 13285, a move above could see prices testing 13405.

Trading Ideas:
* Jeera trading range for the day is 13015-13405.
* Jeera dropped due to higher availability with farmers and general demand from stockists.
* Pressure also seen due to the uncertainty of the lockdown over a possible third wave of Covid and low demand from the hotel industry.
* As per preliminary estimates suggested that carryover stocks of Jeera are likely to be around of about 20-25 Lakh bags
* In Unjha, a key spot market in Gujarat, jeera edged down by -122.2 Rupees to end at 13577.8 Rupees per 100 kg.

Cotton

Cotton yesterday settled up by 1.14% at 27440 amid expectations of lower supply and increased demand from the textile industry as countries continue re-opening efforts. World cotton stocks are projected at 89.3 million bales at the end of 2021/22, the lowest in three years. Meanwhile, global production is forecast 5% higher at 118.9 million bales, but still set to remain below 2019 record levels. Output is expected to decline in China as the industry becomes less competitive with rising labour costs. On the other hand, high cotton yields are projected in the US, Brazil, Australia and Pakistan due to favorable weather conditions and the increasing harvested area. The USDA's weekly export sales report showed net sales of 251,900 running bales (RB) for the 2021/2022 marketing year, primarily for Turkey, Pakistan, Vietnam, Mexico, and China. The report also showed exports of 246,100 RB for the new marketing year, up 32% from the previous week and 2% from the prior 4-week average. Pink bollworm attack on cotton crop has been reported in some areas in Bathinda district. Farmers are claiming damage on the cotton sown earlier. The pink bollworm attack has been reported in Talwandi Sabo, Sangat and Rama blocks along with few villages adjoining Bathinda city. In spot market, Cotton gained by 210 Rupees to end at 27090 Rupees.Technically market is under fresh buying as market has witnessed gain in open interest by 3.09% to settled at 5744 while prices up 310 rupees, now Cotton is getting support at 27240 and below same could see a test of 27050 levels, and resistance is now likely to be seen at 27550, a move above could see prices testing 27670.

Trading Ideas:
* Cotton trading range for the day is 27050-27670.
* Cotton prices gained amid expectations of lower supply and increased demand from the textile industry as countries continue re-opening efforts.
* World cotton stocks are projected at 89.3 million bales at the end of 2021/22, the lowest in three years.
* Meanwhile, global production is forecast 5% higher at 118.9 million bales, but still set to remain below 2019 record levels
* In spot market, Cotton gained  by 210 Rupees to end at 27090 Rupees.

Chana

Chana yesterday settled up by 2.11% at 5119 as pulses crops in Maharashtra may be affected as these are grown mainly in Marathwada and Vidarbha regions where the monsoon rainfall so far was 59% and 11% above LPA, respectively. The north parts of Karnataka, where pulses are grown, have received 71% above normal rains this season until July 24. Waterlogged field for a long time might cut yield, as pulses don’t need continuous rains. Area under pulses continues to remain low in the current kharif season, raising the spectre of the government resorting to trade-restrictive measures like imposition of stock holding again in November-December to check of prices of these eatables. The Centre reduced the import duty on masur dal to zero and also halved the Agriculture Infrastructure Development Cess on the lentil to 10 per cent, in a bid to boost domestic supply and check rising prices. Support seen earlier in the day A rise in prices of pulses had forced the government to put stock limits on July 2, a step not in conformity with the free-trade concept embraced by it as it diluted the Essential Commodities Act in June 2020. Last week, it eased the restrictions a bit due to traders’ protest. In Delhi spot market, chana gained by 82.45 Rupees to end at 4971.9 Rupees per 100 kgs.Technically market is under short covering as market has witnessed drop in open interest by -6.43% to settled at 95960 while prices up 106 rupees, now Chana is getting support at 5050 and below same could see a test of 4980 levels, and resistance is now likely to be seen at 5162, a move above could see prices testing 5204.

Trading Ideas:
* Chana trading range for the day is 4980-5204.
* Chana prices gained as pulses crops in Maharashtra may be affected
* The Centre reduced the import duty on masur dal to zero
* The north parts of Karnataka, where pulses are grown, have received 71% above normal rains this season until July 24.
* In Delhi spot market, chana gained  by 82.45 Rupees to end at 4971.9 Rupees per 100 kgs.