Silver market under long liquidation; Support seen at 39109
MCX Gold may trade in a range between 31674-32238
NCDEX Chana under fresh buying; Support seen at 4302
MCX Cotton may trade between 20480-21220 levels
NCDEX Jeera likely to move in a range of 16750-17330
Technically Mustard Seed market is under fresh selling as market has witnessed gain in open interest by 12.35% to settled at 19740 while prices down 40 rupees.
Now NCDEX Mustard Seed is getting support at 3858 and below same could see a test of 3838 level, And resistance is now likely to be seen at 3910, a move above could see prices testing 3942.
Mustard Seed on NCDEX settled down by 1.02% at 3878 on profit booking after prices gained on optimism over improved buying of oil and rapeseed meal going ahead. NAFED offered to sell 9,286 tons of mustard seeds in Gujarat and nearly 25,000 tons in the markets of Madhya Pradesh.
NAFED sold 6,846 tons of mustard seed at Rs 3,675-3,845 per quintal in the markets of Haryana and Rajasthan. USDA forecasts 2018/19 India rapeseed production at 6.0 mt, down 0.45 mt from 2017.
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Mustard seeds crushing jumped 22% to 550,000 tons in December due to better parity and hopes of export demand for rapeseed meal. Millers crushed higher seeds during December to meet the winter season demand of mustard oil and also induced by hopes of fresh export orders for rapeseed meal.
During April-November, India’s rapeseed meal exports jumped to 745,901 tons from 392,463 tons a year ago, data from Solvent Extractors Association of India (SEA) showed. During March-December period mills crushed total 6.50 million tons of mustard seeds out of total arrivals of 7.18 million tons, data from Mustard Oil Producers Association showed.
As on January,1 total stocks of mustard seeds across the country stood at 950,000 tons comprising 265,000 tons with farmers, 400,000 tons with government agency NAFED and 285,000 tons with millers and stockists. In Alwar spot market in Rajasthan the prices dropped 25.75 Rupees to end at 4076.5 Rupees per 100 kg.
Trading Ideas:
–Mustard Seed trading range for the day is 3838-3942.
–Mustard Seed dropped on profit booking after prices gained on optimism over improved buying of oil and rapeseed meal going ahead.
–Mustard Seeds crushing jumped 22% to 550,000 tons in December due to better parity and hopes of export demand for rapeseed meal.
–NCDEX accredited warehouses mustard seed stocks gained by 1937 tonnes to 7742 tonnes.
–In Alwar spot market in Rajasthan the prices dropped 25.75 Rupees to end at 4076.5 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
