Zinc market under short covering; Support seen at 175.3
MCX Copper may trade in a range between 409.6-422.2
MCX Crude Oil likely to trade in a range between 4528-4872
MCX Silver likely to trade in a range between 37660-38330
Gold market under fresh selling; Support seen at 29550
Technically Mustard Seed market is under fresh buying as market has witnessed gain in open interest by 9.45% to settled at 87820 while prices up 6 rupees.
Now NCDEX Mustard Seed is getting support at 4147 and below same could see a test of 4128 level, And resistance is now likely to be seen at 4180, a move above could see prices testing 4194.
Mustard Seed prices traded in range with pressure on increased selling pressure as spot market was dull. Spot market remained featureless in the absence of sufficient demand from millers for crushing due to poor offtake of mustard oil.
Buyers were on the fence as NAFED has not announced the date of selling mustard from its stocks. NAFED carries a stock of 873,004 ton of mustard seeds it purchased from the farmers in the markets of Rajasthan, Haryana, Madhya Pradesh, Uttar Pradesh and Gujarat.
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.
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. In Alwar spot market in Rajasthan the prices dropped 32.2 Rupees to end at 4308.25 Rupees per 100 kg.
Trading Ideas:
–Mustard Seed trading range for the day is 4128-4194.
–Mustard Seed prices traded in range with pressure on increased selling pressure as spot market was dull.
— Buyers were on the fence as NAFED has not announced the date of selling mustard from its stocks
–NCDEX accredited warehouses mustard seed stocks dropped by 2348 tonnes to 79361 tonnes.
–In Alwar spot market in Rajasthan the prices dropped -32.2 Rupees to end at 4308.25 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
