MCX Crude Oil expected to trade between 4896-5076
MCX Cardamom may trade between 1347.2-1413.2 levels
MCX Silver may trade in a range between 37195-37865
NCDEX Jeera under fresh buying; Resistance seen at 19490
NCDEX Turmeric under long liquidation
Technically Cotton market is under fresh selling as market has witnessed gain in open interest by 0.44% to settled at 3643 while prices down 90 rupees.
Now MCX Cotton is getting support at 22676 and below same could see a test of 22583 level, And resistance is now likely to be seen at 22866, a move above could see prices testing 22963.
Cotton on MCX settled down by 0.39% at 22770 on lack of demand for exports amid good crop prospects. In anticipation of lower export demand and good condition of crop in North Indian states kept cotton prices under pressure.
India is likely to export 7 million bales of cotton in 2018-19, down 30% from an earlier estimate which has kept prices lower. India has so far contracted to export around 600,000 bales to China. Cotton demand in the domestic physical market is also lower on hope of fresh arrivals.
Cotton arrivals are likely to start around September 15 in the northern region. The standing cotton crop in north India including 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, according to report.
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 22583-22963.
–Cotton prices dropped on lack of demand for exports amid good crop prospects.
–In anticipation of lower export demand and good condition of crop in North Indian states kept cotton prices under pressure.
–India is likely to export 7 million bales of cotton in 2018-19, down 30% from an earlier estimate which has kept prices lower.
–Cotton prices in spot market dropped by 60.00 rupees and settled at 23040.00 rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
