MCX Nickel likely to move in a range of 905.2-938.6
MCX Aluminium expected to trade between 133-137 levels
MCX Mentha Oil likely to trade in a range of 1602.7-1646.9
NCDEX Chana under long liquidation; Support seen at 4075
NCDEX Jeera likely to move in a range of 15185-15655
Technically Cotton market is under fresh selling as market has witnessed gain in open interest by 4.43% to settled at 12459.
Now MCX Cotton is getting support at 20420 and below same could see a test of 20350 level, And resistance is now likely to be seen at 20550, a move above could see prices testing 20610.
Cotton on MCX settled flat amid higher cotton stocks with farmers and fear of imports. India’s cotton production is expected to dip by 7% due to insufficient rainfall in major growing regions. The International Cotton Advisory Committee (ICAC) recently stated that India’s cotton production is expected to dip by 7% due to insufficient rainfall in major growing regions, reports said.
Adverse climatic conditions and water shortage coupled with a static growing area are set to knock India off its No 1 perch in cotton production worldwide, report added. As per the latest international reports, India will lose its top cotton producer tag to China for the year 2018-19, which has shown improved yields with better farming practices.
Cotton output in China is expected to increase by about 1% to 5.94 million tons this year. According to Cotton Association of India (CAI), India’s cotton output is expected to dip at 33.5 million bales for 2018-19, lowest since 2010-11, when it reported 33.225 million bales.
CAI trimmed 2018-19 cotton output to 33.5 million bales of 170 kg each as farmers have uprooted nearly 70% plants in Gujarat, Maharashtra and Telangana due to moisture stress. CAI lowered Gujarat’s cotton crop estimate by 150,000 bales and Maharashtra and Telangana by 200,000 bales each.
Trading Ideas:
–Cotton trading range for the day is 20350-20610.
–Cotton on MCX settled flat amid higher cotton stocks with farmers and fear of imports.
–India’s cotton production is expected to dip by 7% due to insufficient rainfall in major growing regions.
–ICAC stated that India’s cotton production is expected to dip by 7% due to insufficient rainfall in major growing regions.
–Cotton prices in spot market droppe by 120.00 rupees and settled at 20150.00 rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
