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Tuesday, May 24, 2022

Cotton market under fresh selling; Support seen at 23364

Turmeric market under fresh selling

MCX Crude Palm Oil market under short covering

Soyabean market under fresh buying; Support seen at 3317

Mentha Oil market under short covering; Support seen at 1638.3

MCX Aluminium may trade between 140.6-144.4 levels

Technically Cotton market is under fresh selling as market has witnessed gain in open interest by 3.83% to settled at 4013 while prices down 210 rupees.

Now MCX Cotton is getting support at 23364 and below same could see a test of 23197 levels and resistance is now likely to be seen at 23674, a move above could see prices testing 23817.

Cotton on MCX settled down by -0.88% at 23530 tracking weakness in spot demand on profit booking after prices gained on irregular rains in cotton growing states which may affect yields. Gujarat witness deficient rains so far while in Maharashtra there is an attack of pest this year.

Cotton growers in Saurashtra and North Gujarat — two key cotton growing regions in the State — have raised an alarm with most of the districts facing deficient rains in the range of 62-88% of the normal rainfall.

Standing cotton crop in north India – Haryana, Punjab and Rajasthan – is in good condition and pest free as of now except few cases of white fly in Abohar district of Punjab, said a senior official. As of now cotton crop conditions in all the three north Indian states is good and free from pest or any other disease. 

Boll formation is good and crop may mature early as weather is favourable, he said.  Arrivals are likely to start around September 15.  Cotton acreage in northern region is down mainly in Punjab.  Punjab reported lower area at 284,000 hectares versus 385,000 hectare and in Rajasthan acreage stood at 496,000 compared to 503,000 hectare last year while cotton area in Haryana was marginally up at 665,000 hectare, agriculture ministry data showed.

Trading Ideas:
–Cotton trading range for the day is 23197-23817.
–Cotton ended with losses tracking weakness in spot demand on profit booking after prices gained on irregular rains.
–Gujarat witness deficient rains so far while in Maharashtra there is an attack of pest this year.
–Standing cotton crop in north India – Haryana, Punjab and Rajasthan – is in good condition and pest free as of now.
–Cotton prices in spot market dropped by 60.00 rupees and settled at 23210.00 rupees.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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