MCX Silver expected to trade in a range between 35712-36600
MCX Gold may trade in a range between 30335-30767
MCX Crude Palm Oil under long liquidation; Support seen at 488
NCDEX Ref.Soya Oil under long liquidation; Resistance seen at 725
NCDEX Soyabean under long liquidation
Technically NCDEX Mustard Seed is getting support at 4021 and below same could see a test of 3994 level, And resistance is now likely to be seen at 4095, a move above could see prices testing 4142.
Mustard Seed on NCDEX settled down by -1.15% at 4048 amid sufficient supplies, higher acreage in Rajasthan and reports of delay in meal exports to China on strict norms may restrict price surge. Prices also seen under pressure amid reports of sale by NAFED and weak demand in spot market.
According to the latest Rabi sowing progress report, as on now all India mustard acreage for 2018-19 is reported at 34.70 lakh hectares which is 6.34 per cent lower than 2017-18 acreage of 37.05 lakh hectares.
Despite higher MSP of mustard, acreage has fallen due to lower availability of water. However, acreage may increase in the coming days depending upon the water availability. Mustard production target for 2018-19 is 84.86 lakh metric tonnes.
According to the fourth advance estimate of government, India mustard production estimate for 2017-18 is 83.22 lakh metric tonnes which is 5.11 percent higher than the 2016-17 production estimate of 79.17 lakh metric tonnes.
The ongoing trade dispute between USA and China has created a lot of uncertainty and making China to look out to other countries for their requirements of oilmeals. China has allowed mustard meal imports from India.
However, strict quality parameters, export guidelines and registration formalities have dampened exports in the near term. India’s rapeseed oil imports in the month of September 2018 is 11.996 thousand MT which is 51.05 percent lower than the import of August 2018 of 24.509 thousand MT. In Alwar spot market in Rajasthan the prices gained 25.75 Rupees to end at 4256.75 Rupees per 100 kg.
Trading Ideas:
–Mustard Seed trading range for the day is 3994-4142.
–Mustard seed prices dropped amid sufficient supplies, higher acreage in Rajasthan and reports of delay in meal exports.
–Prices also seen under pressure amid reports of sale by NAFED and weak demand in spot market.
–NCDEX accredited warehouses mustard seed stocks dropped by 1674 tonnes to 6729 tonnes.
–In Alwar spot market in Rajasthan the prices gained 25.75 Rupees to end at 4256.75 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
