MCX Natural Gas under short covering; Support seen at 153.7
MCX Crude Oil under long liquidation; Support seen at 3852
MCX Silver under long liquidation; Resistance seen at 44132
MCX Crude Palm Oil under long liquidation
MCX Gold under long liquidation; Support seen at 37688
Technically Mustard Seed market is under long liquidation as market has witnessed drop in open interest by 2.17% to settled at 58050 while prices down 8 rupees.
Now NCDEX Mustard Seed is getting support at 3951 and below same could see a test of 3942 level, and resistance is now likely to be seen at 3974, a move above could see prices testing 3988.
Mustard Seed on NCDEX settled down 0.2% at 3961 on late profit booking after prices gained amid lower arrivals in physical market and fresh buying from crushing units to meet the demand. The recent reports of hailstorm and rains across producing regions of Rajasthan generated fears of adverse impact on standing crop.
There is higher possibility for slight jump in carry forward inventory over previous year, therefore chances of sharp upside rallies seem quite low in near term. As per data released by MOPA, with the new season arrivals is just above 50 lt.
In its 3rd adv estimates, mustard production revises higher to 87.82 lt from 83.97 lt in 2nd estimate. USDA maintain export forecast of rapemeal to 9 lt and output in 2019/20 at 77 lt (Vs 80 lt ) in its monthly report.
As per SEA, rape meal exports also down 23% to 2.5 lt during the first quarter of 2019/20 compared to 3.2 lt last year. For June, rape meal exports are provisionally kept at 54,250 tonnes, down by more than 40% on year.
India exported about 19519 tons of rapeseed meals during May 2019 against the 120630 tons of prior month. Mills across the country crushed 750,000 tn of mustard seeds in May, 16.7% lower from a year earlier, according to data compiled by the Mustard Oil Producers Association of India.
–Mustard Seed trading range for the day is 3942-3988.
–Mustard Seed settled down on late profit booking after prices gained amid lower arrivals in physical market.
–As per data released by MOPA, with the new season arrivals is just above 50 lt.
–USDA maintain export forecast of rapemeal to 9 lt and output in 2019/20 at 77 lt (Vs 80 lt ) in its monthly report.
–In Alwar spot market in Rajasthan the prices gained 25.75 Rupees to end at 4128 Rupees per 100 kg.
Courtesy: Kedia Commodities