Crude Oil market under long liquidation; Support seen at 4734
Silver market under fresh selling; Support seen at 37765
MCX Gold likely to trade between 29490-29788 levels
MCX Crude Palm Oil under short covering
NCDEX Ref.Soya Oil under fresh buying; Resistance seen at 738
Technically Mustard Seed market is under fresh buying as market has witnessed gain in open interest by 9.27% to settled at 104790 while prices up 15 rupees.
Now NCDEX Mustard Seed is getting support at 4127 and below same could see a test of 4107 level, And resistance is now likely to be seen at 4161, a move above could see prices testing 4175.
Mustard Seed on NCDEX settled up by 0.36% at 4146 on improved demand for crushing, lower arrivals and improved meal exports. There is expectation of higher availability of mustard in market as National Agricultural Cooperative Marketing Federation of India (NAFED) started selling mustard seed in Rajasthan from Friday.
NAFED had procured the oilseed under the price support scheme in 2017-18 (Jul-Jun). Prices touched 4 months high last week. There is still good demand for meal exports. According to SEA latest export report, mustard meal exports during first 3 months of FY 2018/19 is higher by 90% at 2.86 lt on year due to higher demand from South Korea.
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. A fall in area in 2017-18 can be attributed as the main reason for a smaller crop.
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 -1.3 Rupees to end at 4327.55 Rupees per 100 kg.
Trading Ideas:
— Mustard Seed trading range for the day is 4107-4175.
–Mustard seed prices gained on improved demand for crushing, lower arrivals and improved meal exports.
–There is expectation of higher availability of mustard in market as NAFED started selling mustard seed in Rajasthan.
–NCDEX accredited warehouses mustard seed stocks dropped by 646 tonnes to 76659 tonnes.
–In Alwar spot market in Rajasthan the prices dropped -1.3 Rupees to end at 4327.55 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
