Cotton on MCX settled down by -1.32% at 18740 on profit booking after prices rose due to concern over loss due to heavy rains. Moreover, industry sources believe that India’s cotton yield may decline on whitefly, pink bollworm attacks. A substantial cotton area came under whitefly attack in Punjab and Haryana, pink bollworm was reported to have attacked standing crop in Maharashtra, Andhra Pradesh and Gujarat.
Technically market is under fresh buying as market has witnessed gain in open interest by 7% to settled at 321 while prices up 19.2 rupees, now Cardamom is getting support at 1093 and below same could see a test of 1076.6 level, And resistance is now likely to be seen at 1122.8, a move above could see prices testing 1136.2.
In June, arrival record at 8,072 tonnes. As per the data release by government, Jeera exports during first five months in 2017 is 5039 tonnes, up 9.7% compared to last year exports volume for the same period. Chinese crop has been lower than expected. But next week, we will see whether buyers are willing to take jeera from India at the current price levels.
India’s gold imports will probably drop in the second half of the year from the first six months after jewellers rushed to stock up ahead of new taxes introduced on July 1, the World Gold Council (WGC) said last week. Technically market is under short covering as market has witnessed drop in open interest by -1.95% to settled at 6784 while prices up 332 rupees, now Gold is getting support at 28977 and below same could see a test of 28777 level, And resistance is now likely to be seen at 29300, a move above could see prices testing 29423.
From data point yesterday the release of inflation and initial jobless claims data failed to offset the flight to safety as both reports undershot expectations, stoking uncertainty over the Fed’s ability to raise rates later this year. The producer-price index fell 0.1% in July, the Labor Department said Thursday, the first drop since last August. The core rate, which excludes volatile categories of food, energy and trade, was flat in the month.
At the same time, the cartel revealed that its July production was 32.87 million barrels per day, above its increased 2018 demand prediction. Hard to see how inventory imbalances will be reduced with this strategy if OPEC continues to overproduce. Meanwhile, Russian oil producer Gazprom Neft is considering resuming production in mature fields after the OPEC-led production cut agreement, a representative of the company said on Thursday.