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Thursday, December 2, 2021

NCDEX Mustard Seed under fresh selling; Resistance seen at 4217

NCDEX Turmeric under fresh selling; Support seen at 6689

MCX Crude Palm Oil under short covering; Support seen at 590.9

NCDEX Ref Soy Oil under short covering

NCDEX Soyabean under long liquidation

MCX Nickel under fresh selling; Support seen at 908.9

Technically Mustard Seed market is under fresh selling as market has witnessed gain in open interest by 17.59% to settled at 46530 while prices down 21 rupees.

Now NCDEX Mustard Seed is getting support at 4188 and below same could see a test of 4174 level, And resistance is now likely to be seen at 4217, a move above could see prices testing 4232.

Mustard Seed on NCDEX settled down 0.5% at 4203 on profit booking after prices gained on expectation of improved export demand for meal. Traders are awaiting fresh export deals from China after Indian officials held talks in Beijing requesting their counterparts to permit import of rapeseed meal from India.

Meantime, NAFED sold nearly 67,600 tons of mustard seeds in various producing centres until September 28 and still carrying a stock of around 825,000 tons. The area under the mustard crop across the country may decline 10% on year in 2018-19 (Jul-Jun) owing to patchy rainfall in major growing regions.

Weak monsoon rain in some parts of Rajasthan (the largest producer) is inadequate to support the proper vegetative growth of mustard crop. Farmers may not go for higher area this year. Even area under the crop would fall by around 10% from last year. So far this monsoon season, rains in Rajasthan have been 6% below normal, according to India Meteorological Department.

Uttar Pradesh, Madhya Pradesh, and Gujarat, the other top growers, also received scanty showers this season. As such, the moisture content in the soil in these regions may be poor, and this might lead to heat stress in rabi season when mustard is widely cultivated. In 2017-18 (Jul-Jun), mustard production in the country was at 8.32 mln tn, up 5.1% on year, according to the farm ministry’s fourth advance estimate.

Trading Ideas:
–Mustard Seed trading range for the day is 4174-4232.
–Mustard Seed prices ended with losses on profit booking after prices gained on expectation of improved export demand for meal.
-Meantime, NAFED sold nearly 67,600 tons of mustard seeds in various producing centres and still carrying a stock of around 825,000 tons.
–NCDEX accredited warehouses mustard seed stocks dropped by 79 tonnes to 20499 tonnes.
–In Alwar spot market in Rajasthan the prices dropped 19.3 Rupees to end at 4288.95 Rupees per 100 kg.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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