NCDEX Turmeric under short covering; Resistance seen at 6432
MCX Crude Palm Oil under long liquidation
NCDEX Ref. Soya Oil under long liquidation; Support seen at 760
NCDEX Soyabean likely to trade in range between 3622-3736
MCX Zinc likely to trade in a range between 194.4-201.4
Technically Mustard Seed market is under fresh selling as market has witnessed gain in open interest by 6% to settled at 22430 while prices down 33 rupees.
Now NCDEX Mustard Seed is getting support at 3793 and below same could see a test of 3777 level, And resistance is now likely to be seen at 3837, a move above could see prices testing 3865.
Mustard Seed on NCDEX settled down by 0.86% at 3809 due to higher production estimates and subdued demand. Mustard output in the country in 2018-19 (Jul-Jun) is seen topping the government’s target of 8.5 mln tn, against last year’s production of 8.3 mln tn, a senior government official said.
“Weather is favourable and acreage is higher on year in most key growing regions. It has boosted the yields and increased oil content of the seed,” the official said. Higher minimum support prices and China lifting its six-year ban on mustard meal imports from India prompted farmers to sow more of the commodity this year, he said.
According to data by the farm ministry, farmers in the country have planted mustard over 6.94 mln ha so far, up 3.4% on year. Higher acreage in Rajasthan, Uttar Pradesh, and Madhya Pradesh, the leading growers, have pulled up the overall area under the crop, the official said.
Production in Rajasthan is seen higher on year as winter showers were adequate, and day and night temperatures were within the desired range, the official said.
Mustard oil mills across the country crushed 400,000 tn of the oilseed in January, up 23.1% on year, according to data compiled by the Mustard Oil Producers Association of India. Upbeat demand from mustard meal exporters ramped up the crushing operations, the official said.In Alwar spot market in Rajasthan the prices dropped 18.05 Rupees to end at 4025 Rupees per 100 kg.
Trading Ideas:
–Mustard Seed trading range for the day is 3777-3865.
–Mustard Seed dropped due to higher production estimates and subdued demand.
–Mustard output in the country in 2018-19 (Jul-Jun) is seen topping the government’s target of 8.5 mln tn.
–According to data by the farm ministry, farmers in the country have planted mustard over 6.94 mln ha so far, up 3.4% on year.
–In Alwar spot market in Rajasthan the prices dropped -18.05 Rupees to end at 4025 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
