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Thursday, July 7, 2022

NCDEX Mustard Seed under fresh selling; Resistance seen at 4186

Copper market under fresh selling; Support seen at 408.8

Natural Gas likely to trade between 185-194.8 levels

MCX Crude Oil may trade in a range between a 4538-4844

Silver market under fresh selling; Support seen at 37978

MCX Cotton under long liquidation

Technically Mustard Seed market is under fresh selling as market has witnessed gain in open interest by 1% to settled at 126190 while prices down 7 rupees.

Now NCDEX Mustard Seed is getting support at 4186 and below same could see a test of 4170 level, And resistance is now likely to be seen at 4220, a move above could see prices testing 4238.

Mustard Seed on NCDEX settled down by 0.17% at 4203 tracking weakness in spot demand and other oilseed counters after prices seen supported on reports of good demand for meal exports. Mustard oil mills across the country crushed 650,000 tn of the oilseed, down 27% from previous month as per data release by Mustard Oil Producers Association of India.

Moreover, mustard oil imports have been lower by 21% on year and 51.7% on month to 10,648 tonnes in June. Mustard seed futures jumped 3% in first half July on anticipation of improved meal and crushing demand.

Recently, government increase import duty on soft edible oil by 10-15%. Mustard production in the country is seen at 6.6 mln tn in 2017-18 (Jul-Jun), marginally lower than 6.7 mln tn harvested in the previous year.

A fall in area in 2017-18 can be attributed as the main reason for a smaller crop. Acreage under mustard in the country was at 6.7 mln ha against 7.1 ml ha in 2016-17.

The farm ministry has estimated 8.0 mln tn against 7.9 mln tn in 2016-17 while according to a joint survey by the Central Organisation for Oil Industry and Trade, and the Mustard Oil Producers Association, mustard crop in India in 2017-18 (Jul-Jun) was estimated at 7.2 mln tn. New crop arrivals begin in February, and gain momentum by March. In Alwar spot market in Rajasthan the prices gained 25.75 Rupees to end at 4359.75 Rupees per 100 kg.

Trading Ideas:
–Mustard Seed trading range for the day is 4170-4238.
–Mustard Seed dropped tracking weakness in spot demand and other oilseed counters after prices seen supported on reports of good demand for meal exports.
–Mustard oil mills across the country crushed 650,000 tn of the oilseed, down 27% from previous month as per data.
–NCDEX accredited warehouses mustard seed stocks dropped by 1993 tonnes to 88626 tonnes.
–In Alwar spot market in Rajasthan the prices gained 25.75 Rupees to end at 4359.75 Rupees per 100 kg.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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