MCX Nickel may trade between 911.6-946.2 levels
MCX Aluminium likely to move in a range of 141.5-146.3
MCX Mentha Oil under short covering; Support seen at 1655.9
MCX Copper likely to trade between 402.2-416.8 levels
Natural Gas market under fresh buying; Support seen at 206.4
Technically Cotton market is under fresh selling as market has witnessed gain in open interest by 1.2% to settled at 3970 while prices down 100 rupees.
Now MCX Cotton is getting support at 23190 and below same could see a test of 23140 level, And resistance is now likely to be seen at 23320, a move above could see prices testing 23400.
Cotton on MCX settled down by 0.43% at 23240 on profit booking after prices gained 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 23140-23400.
–Cotton dropped on profit booking after prices gained 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 30.00 rupees and settled at 23190.00 rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
