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Sunday, August 14, 2022

NCDEX Mustard Seed may trade between 4133-4191 levels

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Technically NCDEX Mustard Seed is getting support at 4150 and below same could see a test of 4133 level, And resistance is now likely to be seen at 4179, a move above could see prices testing 4191.

Mustard Seed on NCDEX settled up by 0.07% at 4167 on short covering after prices dropped amid reports of higher sowing and persistent sale by NAFED amid weak demand in physical market.Reports of delay in exports of rapeseed meal to China due to strict quality norms suppressed the prices in spot as well as in futures.

Comfortable stocks with farmers, traders, millers and NAFED coupled with increased acreage also had a sobering impact on the market. Demand in spot remained weak due to poor demand for oil while arrivals were comfortable.

Reports of strict norms for rapeseed meal imports from India also had a bearish impact as exporters’ demand was missing. Farmers have planted mustard seed on 1.34 million hectares, up from 706,000 hectares, agriculture ministry data showed. Traders expect commencement of export deals of rapeseed meal with China to start soon.

There is scope to export upto 500,000 tons of rapeseed meal to China. Also NAFED sold total 4,480 tons of mustard seeds across the country. The cooperative giant sold 2,720 tons in Haryana at Rs 3,880-3,951 per quintal.

According to the trade sources, mustard crop sowing has started in some parts of the country. Delay rains has provided enough moisture to start sowing.

Mustard crop sowing acreage is expected to increase this year as compare to last year due to increase in MSP to Rs 4200 per quintal and good price realization to farmers this year.  In Alwar spot market in Rajasthan the prices dropped 20 Rupees to end at 4231 Rupees per 100 kg.

Trading Ideas:
–Mustard Seed trading range for the day is 4133-4191.
–Mustard Seed gained on short covering after prices dropped amid reports of higher sowing and persistent sale by NAFED amid weak demand in physical market.
–Comfortable stocks with farmers, traders, millers and NAFED coupled with increased acreage also had a sobering impact on the market.
–NCDEX accredited warehouses mustard seed stocks dropped by 2346 tonnes to 11285 tonnes.
–In Alwar spot market in Rajasthan the prices dropped -20 Rupees to end at 4231 Rupees per 100 kg.

Courtesy: Kedia Commodities              

Source: Commodityonline.com

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