MCX Silver expected to trade between 37021-38129 levels
MCX Gold expected to trade in a range between 30238-31076
MCX Crude Palm Oil under short covering
Ref. Soya Oil market under fresh buying; Support seen at 731
NCDEX Soyabean under fresh buying; Resistance seen at 3389
Technically Mustard Seed market is under fresh buying as market has witnessed gain in open interest by 0.24% to settled at 74040 while prices up 8 rupees.
Now NCDEX Mustard Seed is getting support at 4203 and below same could see a test of 4179 level, And resistance is now likely to be seen at 4242, a move above could see prices testing 4257.
Mustard Seed on NCDEX settled up 0.19% at 4226 on improved meal exports data, good crushing demand and diminishing supplies. NAFED auctioned 3514 tons of Mustard, in the price range of INR 3801 to INR 3965 at different centres in the country.
As on now NAFED holds 8.44 lakh tons of Mustard stocks at their warehouses. There is expectation of improved export demand for meal but fresh physical arrivals from the NAFED stocks sale may suppress the prices in coming days.
As per SEA data, India’s rapeseed meal exports up 24% on year to 88,236 tn in August due to good export demand. For Apr-Aug, India’s rape meal exports up by 107% on year at 4.90 lakh tonnes.
According to MOPA, country crushed about 5 lakh tonnes of mustard in August, 11% higher on year. However, last week it slipped to 9-weeks low on concern about higher supplies in physical market and pending decisions for meal exports to China.
NAFED started selling mustard seed in Rajasthan which had procured under the price support scheme in 2017-18 (Jul-Jun). Mustard oil mills across the country crushed 500,000 tn of the oilseed in August, up 11% from a year ago, according to data compiled by the Mustard Oil Producers Association of India. Crushing was higher because of improved demand from oil millers and mustard meal exporters.
Trading Ideas:
–Mustard Seed trading range for the day is 4179-4257.
–Mustard Seed prices gained on improved meal exports data, good crushing demand and diminishing supplies.
–NAFED auctioned 3514 tons of Mustard, in the price range of INR 3801 to INR 3965 at different centres in the country.
–NCDEX accredited warehouses mustard seed stocks dropped by 840 tonnes to 25817 tonnes.
–In Alwar spot market in Rajasthan the prices dropped 25.75 Rupees to end at 4334 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
