MCX Cardamom under fresh buying; Resistance seen at 1378.6
Crude Oil market under long liquidation; Support seen at 4962
Silver market under fresh selling; Support seen at 36455
Gold market under long liquidation; Support seen at 30110
Long liquidation seen in NCDEX Turmeric
Technically Cotton market is under fresh selling as market has witnessed gain in open interest by 3.21% to settled at 3760 while prices down 70 rupees.
Now MCX Cotton is getting support at 22600 and below same could see a test of 22500 level, And resistance is now likely to be seen at 22850, a move above could see prices testing 23000.
Cotton on MCX settled down by 0.31% at 22700 in anticipation of lower export demand and good condition of crop in North Indian states. India is likely to export 7 million bales of cotton in 2018-19, down 30% from an earlier estimate.
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. Cotton acreage in northern region is down mainly in Punjab.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 22500-23000.
–Cotton prices traded in range in anticipation of lower export demand and good condition of crop in North Indian states.
–India is likely to export 7 million bales of cotton in 2018-19, down 30% from an earlier estimate.
–Cotton demand in the domestic physical market is also lower on hope of fresh arrivals.
–Cotton prices in spot market gained by 60.00 rupees and settled at 23100.00 rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
