MCX Aluminium may trade in a range between 147.1-153.7
Nickel market under long liquidation; Support seen at 931
NCDEX Soyabean likely to move in a range of 3161-3263
NCDEX Ref Soy Oil under short covering
MCX Crude Palm Oil under short covering; Resistance seen at 594.3
Technically Mustard Seed market is under short covering as market has witnessed drop in open interest by 16.66% to settled at 68290 while prices up 23 rupees.
Now NCDEX Mustard Seed is getting support at 3938 and below same could see a test of 3893 level, And resistance is now likely to be seen at 4011, a move above could see prices testing 4039.
Mustard Seed on NCDEX settled up by 0.58% at 3983 amid improved meal exports data and diminishing supplies. National Agricultural Cooperative Marketing Federation of India (NAFED) started selling mustard seed in Rajasthan which had procured under the price support scheme in 2017-18 (Jul-Jun).
Moreover, China is likely to lift a six-year old ban on import of mustard meal from India soon as per the SEA official. There is still good demand for meal exports. As per Commerce ministry data, mustard meal exports surged 63.8% on year in June to 90,856 tonnes.
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For the first six months of 2018, exports were 100% higher compared to last year. According to data compiled by Mustard Oil Producers Association, oil mills across the country crushed 450,000 tn of mustard in July, down 30.8% on month and 18.2% on year.
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.
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. In Alwar spot market in Rajasthan the prices gained 5 Rupees to end at 4179.5 Rupees per 100 kg.
Trading Ideas:
–Mustard Seed trading range for the day is 3893-4039.
–Mustard Seed ended with gains amid improved meal exports data and diminishing supplies.
–NAFED started selling mustard seed in Rajasthan which had procured under the price support scheme in 2017-18 (Jul-Jun).
–NCDEX accredited warehouses mustard seed stocks dropped by 3152 tonnes to 57575 tonnes.
–In Alwar spot market in Rajasthan the prices gained 5 Rupees to end at 4179.5 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
