Nickel market under long liquidation; Support seen at 945.1
Zinc market under fresh selling; Support seen at 177.9
Short cover seen in MCX Cotton
Copper market under short covering; Resistance seen at 418.1
Natural Gas market under fresh buying; Support seen at 202.2
Technically Mustard Seed market is under fresh selling as market has witnessed gain in open interest by 6.67% to settled at 116480 while prices down 30 rupees.
Now Mustard Seed is getting support at 4088 and below same could see a test of 4072 level, And resistance is now likely to be seen at 4133, a move above could see prices testing 4162.
Mustard Seed on NCDEX settled down by 0.73% at 4104 tracking weakness in spot demand on profit booking after prices gained amid lower arrivals in the spot markets.
However, millers are reluctant to make fresh deals as demand from oil mills have not picked up and there is ample availability in the market due to poor crushing during June and July.
Crushing of mustard seed fell for the second month in a row in July to 450,000 ton across India from 650,000 ton a month ago. NAFED offered 9,724 ton of mustard seed for sale in various markets of Gujarat and could not find buyers due to high base prices.
India’s rapeseed meal export swelled to 369,646 ton during April-July 2018 from 165,609 ton a year ago on the back of good buying from Vietnam and Thailand, data from Solvent Extractors Association of India showed. 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. In Alwar spot market in Rajasthan the prices dropped 12.9 Rupees to end at 4334 Rupees per 100 kg.
Trading Ideas:
–Mustard Seed trading range for the day is 4072-4162.
–Mustard seed prices dropped tracking weakness in spot demand on profit booking after prices gained amid lower arrivals in the spot markets.
–NAFED offered 9,724 ton of mustard seed for sale in various markets of Gujarat and could not find buyers due to high base prices.
–NCDEX accredited warehouses mustard seed stocks dropped by 1115 tonnes to 75022 tonnes.
–In Alwar spot market in Rajasthan the prices dropped -12.9 Rupees to end at 4334 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
