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Technically Mustard Seed market is under fresh buying as market has witnessed gain in open interest by 6.31% to settled at 74430 while prices up 32 rupees.
Now NCDEX Mustard Seed is getting support at 4186 and below same could see a test of 4144 level, And resistance is now likely to be seen at 4257, a move above could see prices testing 4286.
Mustard Seed on NCDEX settled up by 0.76% at 4227 on improved meal exports data, good crushing demand and diminishing supplies. However, fresh arrivals by the NAFED auctions limited the upside.
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. In Alwar spot market in Rajasthan the prices dropped 32.2 Rupees to end at 4327.55 Rupees per 100 kg.
Trading Ideas:
–Mustard Seed trading range for the day is 4144-4286.
–Mustard Seed gained on improved meal exports data, good crushing demand and diminishing supplies.
–However, fresh arrivals by the NAFED auctions limited the upside.
–NCDEX accredited warehouses mustard seed stocks dropped by 20 tonnes to 26907 tonnes.
–In Alwar spot market in Rajasthan the prices dropped 32.2 Rupees to end at 4327.55 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
