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Thursday, July 7, 2022

Fresh selling seen in NCDEX Mustard Seed

MCX Copper may trade between 418.1-437.1 levels

Natural Gas market under fresh selling; Support seen at 190.9

MCX Crude Oil may trade in a range between 4636-4864

Silver market under fresh selling; Support seen at 38069

MCX Cotton under fresh buying; Support seen at 23954

Technically Mustard Seed market is under fresh selling as market has witnessed gain in open interest by 8.65% to settled at 63320 while prices down 16 rupees.

Now NCDEX Mustard Seed is getting support at 4202 and below same could see a test of 4189 level, And resistance is now likely to be seen at 4232, a move above could see prices testing 4249.

Mustard Seed on NCDEX settled down by 0.38% at 4214 on profit booking after prices gained due to improved demand for crushing and lower arrivals. According to SEA latest export report, mustard meal exports during first 3 months of 2018/19 is higher by 90% at 2.86 lt on year due to higher demand from South Korea.

Moreover, mustard oil imports have been lower by 21% on year and 51.7% on month to 10,648 tonnes in June. Recently, government increase import duty on soft edible oil by 10-15%. Mustard oil mills across the country crushed 650,000 tn of the oilseed in June, down 27% from previous month as per data release by Mustard Oil Producers Association of India.

The government has asked the NAFED to unload its stocks in the market but there are reports that the cooperative agency would not sell the seeds below MSP like it is doing in the case of pulses.

NAFED purchased 873,004 ton of mustard seeds from the farmers in the markets of Rajasthan, Haryana, Madhya Pradesh, Uttar Pradesh and Gujarat. Mustard seeds crushing fell 27% to nearly 650,000 ton during June due to weak offtake of oil.

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.  In Alwar spot market in Rajasthan the prices dropped -6.45 Rupees to end at 4366.2 Rupees per 100 kg.

Trading Ideas:
–Mustard Seed trading range for the day is 4189-4249.
–Mustard Seed dropped on profit booking after prices gained due to improved demand for crushing and lower arrivals.
–NAFED purchased 873,004 ton of mustard seeds from the farmers in the markets of Rajasthan, Haryana, Madhya Pradesh, Uttar Pradesh and Gujarat.
–NCDEX accredited warehouses mustard seed stocks dropped by 90 tonnes to 83247 tonnes.
–In Alwar spot market in Rajasthan the prices dropped 6.45 Rupees to end at 4366.2 Rupees per 100 kg.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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