MCX Cotton under fresh buying; Support seen at 22744
Zinc market is under short covering; Support seen at 173
MCX Cardamom may trade between 1388.6-1438.6 levels
Fresh selling seen in NCDEX Jeera; Resistance seen at 19730
NCDEX Turmeric under fresh selling; Resistance seen at 6816
Technically NCDEX Mustard Seed is getting support at 4067 and below same could see a test of 4051 level, And resistance is now likely to be seen at 4109, a move above could see prices testing 4135.
Mustard Seed on NCDEX settled down by 0.63% at 4083 on profit booking after prices gained amid buying by millers expecting export demand for export due to weak rupee. China is likely to lift a six-year old ban on import of mustard meal from India soon.
NAFED sold 450ton mustard seeds in Haryana at Rs 3,845 per quintal.So far, the cooperative giant sold total 4,420 ton of mustard in various states. NAFED purchased total 873,000-ton mustard seed in the various producing states from farmers at Rs 4,000 per quintal inclusive of Rs 100 as bonus.
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.
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 dropped 30 Rupees to end at 4231 Rupees per 100 kg.
Trading Ideas:
–Mustard Seed trading range for the day is 4051-4135.
–Mustard seed prices dropped on profit booking after prices gained amid buying by millers expecting export demand for export due to weak rupee.
–China is likely to lift a six-year old ban on import of mustard meal from India soon.
–NCDEX accredited warehouses mustard seed stocks dropped by 353 tonnes to 44450 tonnes.
–In Alwar spot market in Rajasthan the prices dropped 30 Rupees to end at 4231 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
