Zinc market under fresh selling; Support seen at 175
Copper market under fresh selling; Support seen at 417.1
Natural Gas market under long liquidation; Support seen at 201.7
Crude Oil market under short covering; Support seen at 4599
NCDEX Turmeric under fresh selling; Resistance seen at 7233
Technically Mustard Seed market is under fresh buying as market has witnessed gain in open interest by 8.53% to settled at 126420 while prices up 39 rupees.
Now NCDEX Mustard Seed is getting support at 4118 and below same could see a test of 4093 level, And resistance is now likely to be seen at 4158, a move above could see prices testing 4173.
Mustard Seed on NCDEX settled up 0.95% at 4143 on short covering after dropped on expectation of higher availability of rmSeed in physical market. There is an 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. 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.
Related Post
According to SEA latest export report, overall exports during April and July 2018, is up 24% at 898,871 tonnes compared to 725,250 tonnes during the same period last 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. 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.
Trading Ideas:
–Mustard Seed trading range for the day is 4093-4173.
–Mustard Seed prices gained on short covering after dropped on expectation of higher availability of rmSeed in physical market.
–There is an expectation of higher availability of mustard in market as NAFED started selling mustard Seed in Rajasthan.
–NCDEX accredited warehouses mustard Seed stocks dropped by 780 tonnes to 74242 tonnes.
–In Alwar spot market in Rajasthan the prices remains unchanged by 0 Rupees to end at 4340.45 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
