MCX Nickel under fresh buying; Resistance seen at 903.7
MCX Aluminium expected to trade between 143.1-150.5 levels
MCX Mentha Oil under short covering; Support seen at 1694
NCDEX Turmeric may trade between 6560-6844 levels
NCDEX Jeera likely to move in a range of 19205-19785
Technically Cotton market is under long liquidation as market has witnessed drop in open interest by 0.18% to settled at 3882 while prices down 60 rupees.
Now MCX Cotton is getting support at 22736 and below same could see a test of 22683 level, And resistance is now likely to be seen at 22876, a move above could see prices testing 22963.
Cotton prices traded in range on expectations of higher yield and robust demand. Anticipation of strong demand will be met by higher yields which inturn restricted price rise. All India yields are forecast at 526 kilogram per hectare in 2018-19, 3-4% higher compared to yields in marketing year 2017-18.
Fibre planting is near completion and the recovery of monsoon rains has improved yield prospects. In the Marathwada region of Central Maharashtra, the cotton crop has reached flowering stage, while crop in Vidarbha, the western part of the state and Gujarat has reached the vegetative formation stage.
Average monthly mill consumption forecast in 2018-19 is around 2.58 million bales. Mill consumption in June and July were up 5% and 6% growth respectively as compared to last year. Moreover, cotton consumption estimate has been revised to 24.5 million bales in the marketing year 2017-18, according to updated data by the Textile Commissioners Office (TCO).
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.
Trading Ideas:
–Cotton trading range for the day is 22683-22963.
–Cotton prices traded in range on expectations of higher yield and robust demand.
–Anticipation of strong demand will be met by higher yields which inturn restricted price rise.
–All India yields are forecast at 526 kilogram per hectare in 2018-19, 3-4% higher compared to yields in marketing year 2017-18.
–Cotton prices in spot market dropped by 40.00 rupees and settled at 23060.00 rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
