Further, as per the United States Department of Agriculture (USDA) weekly crop progress report, 37% of cotton crop harvested in the US by the week ended Oct 22, up from 31% in the previous week. Demand for cotton in the domestic as well as global Market is also firm due to fresh arrivals in the market which will also keep prices up next week. Fresh arrivals have already hit the markets all over the country.

USDA raised its monthly forecast for export from 4.2 million bales to 4.6 million bales. Total fibre sales for the week ended October 19 were 352,100 bales. In 2017-18, cotton sales are 2.24 million bales compared to last year. Shipments are 334,500 bales compared to last year, but they will likely catch up once robust new crop is available. United States Department of Agriculture (USDA) maintained India’s cotton output and consumption forecast for 2017-18, showed United States Department of Agriculture (USDA) in its World Agricultural Supply and Demand Estimates (WASDE) report.

There are expectations of good crop in the current harvesting season due to supportive rainfall in September which may bring down the cardamom prices. Arrivals in auctions have started increasing but good demand from exporters may check prices to fall further. India exported 1,220 ton cardamom during Apr-Jun 2017-18 up from 1,108 ton a year ago. Value wise export recorded a growth of 48% due to higher per kg realization. With prices declining this month, exporters are picking up more quantity for exports.

India’s exports of jeera are likely to have risen 2% on year to  70,000 tn in Apr-Sep due to waning stocks in other major exporting nations. The country had exported 68,600 tn of the commodity in the corresponding period last year, according to Spices Board India. Jeera from India is being offered at around $2,600-$2,900 per tn, free on board, in international markets. Negligible stocks of jeera in Turkey and Syria has made way for India to become a major supplier of the spice in the global market.

Gold on MCX settled up 0.23% at 29384 ahead of a series of central bank meetings and U.S. President Donald Trump’s expected announcement of the next Federal Reserve chair, and amid a slightly weaker U.S. dollar. The metal is facing a slew of potential risks this week, including a two-day U.S. Federal Reserve policy meeting, U.S. payrolls data on Friday and ongoing unrest in Spain’s Catalonia region

Prices steadied ahead of the Federal Reserve’s two-day policy meeting which gets underway on Tuesday after data showed inflation remained subdued while consumer spending grew at its fastest rate in more than eight years. The Federal Reserve’s preferred inflation measure, the personal consumption expenditures (PCE) price index excluding food and energy, rose 1.3% in the 12 months through September.

Crude oil prices continued their march higher, rising to an eight-month high amid bullish talk from OPEC and non-OPEC members on a possible extension to the output-cut agreement. OPEC Secretary General said Russian-Saudi backing for an extension cleared the fog ahead of the group’s meeting in Vienna on Nov. 30. “OPEC welcomes the clear guidance from the crown prince of Saudi Arabia on the need to achieve stable oil markets and sustain it beyond the first quarter of 2018,” Barkindo said weekend.