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Wednesday, May 18, 2022

MCX Cotton under fresh buying; Support seen at 23334

Aluminium market under fresh buying; Support seen at 141.6

Nickel market under long liquidation; Support seen at 939.8

MCX Cardamom under fresh buying; Resistance seen at 1363.5

Zinc market under fresh selling; Support seen at 166.2

Copper market under short covering; Support seen at 408.8

Technically Cotton market is under fresh buying as market has witnessed gain in open interest by 0.44% to settled at 3879 while prices up 140 rupees.

Now MCX Cotton is getting support at 23334 and below same could see a test of 23227 level, And resistance is now likely to be seen at 23524, a move above could see prices testing 23607.

Cotton on MCX settled up by 0.6% at 23440 on expectations of lower yield due to whitefly and pink bollworm attacks while the sowing is also less. Cotton prices may remain up as crops has come under severe pest and bollworm attacks in major producing states, which is sparking fears of a sharp decline in India’s fibre productivity this Kharif season.

Cotton area in Punjab and Haryana came under whitefly while pink bollworm was reported to have attacked standing crop in Maharashtra, Andhra Pradesh and Gujarat. India cotton sowing reached 11.26 million hectare compared to 11.71 million hectare a year ago, Ministry of Agriculture data showed.

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.

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 23227-23607.
–Cotton prices ended with gains on expectations of lower yield due to whitefly and pink bollworm attacks while the sowing is also less.
–India cotton sowing reached 11.26 million hectare compared to 11.71 million hectare a year ago.
–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.
–Cotton prices in spot market gained by 60.00 rupees and settled at 23170.00 rupees.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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