MCX Nickel may trade between 841-882.6 levels
MCX Aluminium likely to move in a range of 144-148
MCX Menthol Oil under fresh buying; Support seen at 1804.6
Silver market under fresh selling; Support seen at 37884
Gold market under fresh selling; Support seen at 31673
Technically Cotton market is under fresh selling as market has witnessed gain in open interest by 0.1% to settled at 4104 while prices down 140 rupees.
Now MCX Cotton is getting support at 22160 and below same could see a test of 22060 level, And resistance is now likely to be seen at 22430, a move above could see prices testing 22600.
Cotton on MCX settled down by 0.63% at 22250 on expectation of good arrivals of cotton in physical market in coming months. Indian Cotton Federation (ICF) said that the availability of cotton in the country would be comfortable in 2018/19 season. Moreover, fall in International cotton prices also help prices to trade in a range.
This season there are reports of delay in peak arrivals from Gujarat and Rajasthan due to dry weather and below-normal rains in most producing states, yields are expected to get affected. According to CAI, cotton production in 2018/19 is likely to fall 4.7% from the previous season to 34.8 million bales due to scanty rainfall and an attack of pink bollworms.
As per CAI, India’s forward export contracts of cotton have more than doubled from about 7 lakh bales in September 2017, driven by increased demand from China.
Cotton Corporation of India (CCI) has projected an ambitious procurement target of 100 lakh bales in the just-commenced cotton season (Oct 2018-Sep 2019), it is failing to attract sellers in Punjab due to strict quality norms and farmers being wary of bypassing the agents/adathiyas.
As per government’s sowing report, cotton has been sown in 122.38 lakh ha, lower than 124.29 lakh ha sown last year till date but higher than normal kharif area of 119.75 lakh ha on date. Scanty rainfall in Gujarat & an attack of pink bollworms.
Trading Ideas:
–Cotton trading range for the day is 22060-22600.
–Cotton dropped on expectation of good arrivals of cotton in physical market in coming months.
–Indian Cotton Federation (ICF) said that the availability of cotton in the country would be comfortable in 2018/19 season.
–CCI has projected an ambitious procurement target of 100 lakh bales in the just-commenced cotton season.
–Cotton prices in spot market gained by 20.00 rupees and settled at 22510.00 rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
