MCX Nickel under short covering
MCX Silver likely to trade in a range between 36928-38516
MCX Aluminium may trade between 142.1-147.1 levels
MCX Menthol Oil likely to move in a range of 1737.8-1793.6
MCX Gold under long liquidation; Support seen at 31245
Technically NCDEX Mustard Seed is getting support at 4180 and below same could see a test of 4172 level, And resistance is now likely to be seen at 4194, a move above could see prices testing 4200.
Mustard Seed on NCDEX settled down 0.05% at 4187 amid reports of higher sowing and persistent sale by NAFED amid weak demand in physical market. There are reports of higher sowing at 2.78 million hectares until November 2 versus 2.65 million hectares a year ago.
Indian millers crushed 600,000 tons of mustard seed during October, up from 500,000 a month ago. All India stock with farmers, traders, millers and government agencies stood at 1.5 million ton as on November 1.
Reports of delay in exports of rapeseed meal to China due to strict quality norms suppressed the prices in spot as well as in futures. Comfortable stocks with farmers, traders, millers and NAFED coupled with increased acreage also had a sobering impact on the 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.
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.
Trading Ideas:
–Mustard Seed trading range for the day is 4172-4200.
–Mustard Seed prices dropped amid reports of higher sowing and persistent sale by NAFED amid weak demand in physical market.
–There are reports of higher sowing at 2.78 million hectares until November 2 versus 2.65 million hectares a year ago.
–NCDEX accredited warehouses mustard seed stocks dropped by 2346 tonnes to 11285 tonnes.
–In Alwar spot market in Rajasthan the prices dropped -20 Rupees to end at 4231 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
