MCX Crude Oil may trade in a range between 4590-4812
Long liquidation seen in MCX Cardamom
Silver market under short covering; Support seen at 37777
NCDEX Jeera likely to move in a range of 20355-21015
NCDEX Turmeric under fresh selling; Resistance seen at 7317
Technically Cotton market is under fresh selling as market has witnessed gain in open interest by 2.84% to settled at 4128 while prices down 220 rupees.
Now MCX Cotton is getting support at 23643.4 and below same could see a test of 23516.7 level, And resistance is now likely to be seen at 24003.4, a move above could see prices testing 24236.7.
Cotton on MCX settled down 0.92% at 23770 due to weak demand from traders and stockists at the spot market. Though, expectation of lower production due to reports of pink bollworm attack in Maharashtra capped some losses in cotton.
As per Commerce ministry data, cotton exports in May surged by 27.6% to 5.7 lakh bales as compared to last year. Cotton acreage was down by 8% on year to 102.51 lakh hac compared to 111.4 lakh ha las year, according to the farm ministry data.
FAS India forecasts marketing year 2018/19 cotton production at 28.7 million 480 lb. bales on 11.85 million hectares but cut its estimate for India’s cotton closing stocks in 2018-19 (Aug-Jul) to 14.07 mln bales (1 US bale = 218 kg) from 14.33 mln bales pegged earlier.
The Cotton Advisory Board (CAB) has said that India’s cotton exports are likely to increase by 20% during the current cotton season of October, 2017 to September, 2018, over last year. It added that exports are expected to touch 70 lakh bales by September this year.
From October, 2017 to April 2018, the total amount of cotton exported from India was 51.21 lakh bales. The board has estimated the cotton production for the current cotton season 2017-18 (October 2017 to September 2018) at 370 lakh bales.
Trading Ideas:
–Cotton trading range for the day is 23517-24237.
–Cotton prices dropped due to weak demand from traders and stockists at the spot market.
–Though, expectation of lower production due to reports of pink bollworm attack in Maharashtra capped some losses in cotton.
–As per Commerce ministry data, cotton exports in May surged by 27.6% to 5.7 lakh bales as compared to last year.
–Cotton prices in spot market dropped by 20.00 rupees and settled at 23260.00 rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
