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MCX Menthol Oil under fresh buying; Support seen at 1804.6
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Gold market under fresh selling; Support seen at 31673
Technically Mustard Seed market is under fresh selling as market has witnessed gain in open interest by 16.32% to settled at 33500 while prices down 27 rupees.
Now NCDEX Mustard Seed is getting support at 4150 and below same could see a test of 4131 level, And resistance is now likely to be seen at 4200, a move above could see prices testing 4231.
Mustard Seed on NCDEX settled down by 0.64% at 4170 amid reports of higher sowing and persistent sale by NAFED amid weak demand in physical market. Demand in spot remained weak due to poor demand for oil while arrivals were comfortable.
Reports of strict norms for rapeseed meal imports from India also had a bearish impact as exporters’ demand was missing. Farmers have planted mustard seed on 1.34 million hectares, up from 706,000 hectares, agriculture ministry data showed.
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Traders expect commencement of export deals of rapeseed meal with China to start soon. There is scope to export upto 500,000 tons of rapeseed meal to China. Also NAFED sold total 4,480 tons of mustard seeds across the country. The cooperative giant sold 2,720 tons in Haryana at Rs 3,880-3,951 per quintal.
According to the trade sources, mustard crop sowing has started in some parts of the country. Delay rains has provided enough moisture to start sowing. Mustard crop sowing acreage is expected to increase this year as compare to last year due to increase in MSP to Rs 4200 per quintal and good price realization to farmers this year.
Mustard production target for 2018-19 is 84.86 lakh metric tonnes. According to the fourth advance estimate of government, India mustard production estimate for 2017-18 is 83.22 lakh metric tonnes which is 5.11 percent higher than In Alwar spot market in Rajasthan the prices dropped 51.5 Rupees to end at 4231 Rupees per 100 kg.
Trading Ideas:
–Mustard Seed trading range for the day is 4131-4231.
–Mustard Seed settled down amid reports of higher sowing and persistent sale by NAFED amid weak demand in physical market.
–Farmers have planted mustard seed on 1.34 million hectares, up from 706,000 hectares, agriculture ministry data showed.
–NCDEX accredited warehouses mustard seed stocks dropped by 262 tonnes to 13731 tonnes.
–In Alwar spot market in Rajasthan the prices dropped 51.5 Rupees to end at 4231 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
