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Wednesday, July 6, 2022

NCDEX Mustard may trade in range between 3883-3953

NCDEX Chana under short covering; Support seen at 4258

MCX Cotton under short covering; Resistance seen at 20260

NCDEX Jeera may trade in range between 15535-15835

NCDEX Turmeric likely to move in range between 6202-6314

MCX Crude Palm Oil under short covering; Support seen at 564.3

Technically NCDEX Mustard Seed is getting support at 3903 and below same could see a test of 3883 level, And resistance is now likely to be seen at 3938, a move above could see prices testing 3953.

Mustard Seed on NCDEX settled up by 0.26% at 3922 on short covering after prices dropped due to higher production estimates and subdued demand. All India mustard acreage for 2018-19 is reported at 34.70 lakh hectares which is 6.34 per cent lower than 2017-18 acreage of 37.05 lakh hectares.

Despite higher MSP of mustard, acreage has fallen due to lower availability of water. However, acreage may increase in the coming days depending upon the water availability. Mustard production target for 2018-19 is 84.86 lakh metric tonnes.

According to the fourth advance estimate of government, India mustard production estimate for 2017-18 is 83.22 lakh metric tonnes which is 5.11 percent higher than the 2016-17 production estimate of 79.17 lakh metric tonnes.

Traders have adopted a cautious attitude amid fears of rains/hailstorm in coming days in northwest and central India in the coming days. Mustard seed acreage grew 3% to 6.88 million hectares until January 23, according to agriculture ministry data.

NAFED sold 7,566 tons mustard seed in Haryana, Rajasthan, Madhya Pradesh and West Bengal at Rs 3,611-3,801 per quintal as per quality. The cooperative agency is still holding 160,340 tons mustard seed.

Mustard Seed crushing by millers of the country fell 27% in January to 400,000 tons from 550,000 tons a month ago due to poor demand of rapeseed meal from exporters, data from Mustard Oil Producers Association (MOPA) showed. In Alwar spot market in Rajasthan the prices gained 6.45 Rupees to end at 4134.45 Rupees per 100 kg.

Trading Ideas:
–Mustard Seed trading range for the day is 3883-3953.
–Mustard Seed on prices ended with gains on short covering after prices dropped due to higher production estimates and subdued demand.
–All India mustard acreage for 2018-19 is reported at 34.70 lakh hectares which is 6.34 per cent lower than 2017-18 acreage of 37.05 lakh hectares.
–NCDEX accredited warehouses mustard seed stocks dropped by 605 tonnes to 3149 tonnes.
–In Alwar spot market in Rajasthan the prices gained 6.45 Rupees to end at 4134.45 Rupees per 100 kg.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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