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Monday, December 6, 2021

MCX Cotton likely to move in a range of 23110-23430

Aluminium market under short covering; Support seen at 143.9

MCX Cardamom under long liquidation; Resistance seen at 1323.5

NCDEX Jeera may trade between 18685-20085 levels

Long liquidation seen in NCDEX Turmeric

NCDEX Mustard Seed under fresh selling; Support Seen at 4059

Technically Cotton market is under fresh buying as market has witnessed gain in open interest by 4.21% to settled at 4137 while prices up 30 rupees.

Now MCX Cotton is getting support at 23190 and below same could see a test of 23110 level, And resistance is now likely to be seen at 23350, a move above could see prices testing 23430.

Cotton on MCX settled up 0.13% at 23270 in anticipation of improved export demand. However, upside seen limited amid improved acreage this season. Export of Indian cotton is expected to surge as China may increase its buying from India to fulfill its domestic demand.

China has released extra import quota of 5 million bales for year 2018-19 and has started signing new import contract of new crop of Indian cotton which has kept fibre prices higher. Acreages difference of cotton between previous and current season has almost filled up in Gujarat following a pick up in planting activities after weather conditions improved in the state.

About 2.65 million hectares was sown under cotton in Gujarat against the 2.64 million hectares in the corresponding period last year. 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.

Trading Ideas:
–Cotton trading range for the day is 23110-23430.
–Cotton prices ended with gains in anticipation of improved export demand.
–However, upside seen limited amid improved acreage this season.
–About 2.65 million hectares was sown under cotton in Gujarat against the 2.64 million hectares in the corresponding period last year.
–Cotton prices in spot market dropped by 60.00 rupees and settled at 23130.00 rupees.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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