Zinc market is under short covering; Support seen at 173
MCX Cardamom may trade between 1388.6-1438.6 levels
Fresh selling seen in NCDEX Jeera; Resistance seen at 19730
NCDEX Turmeric under fresh selling; Resistance seen at 6816
NCDEX Mustard Seed likely to move in a range of 4051-4135
Technically Cotton market is under fresh buying as market has witnessed gain in open interest by 3.43% to settled at 3889 while prices up 150 rupees.
Now MCX Cotton is getting support at 22744 and below same could see a test of 22637 level, And resistance is now likely to be seen at 22954, a move above could see prices testing 23057.
Cotton on MCX settled up by 0.66% at 22850 due to rising demand from domestic mills at the spot market. Though, some gains were capped on reports of improvement in acreage and lesser pest attacks in Maharashtra.
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.
Trading Ideas:
–Cotton trading range for the day is 22637-23057.
–Cotton prices gained due to rising demand from domestic mills at the spot market.
–Though, some gains were capped on reports of improvement in acreage and lesser pest attacks in Maharashtra.
–India is likely to export 7 million bales of cotton in 2018-19, down 30% from an earlier estimate.
–Cotton prices in spot market dropped by 40.00 rupees and settled at 23060.00 rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
