Mustardseed yesterday traded with the positive node and settled 1.28% up at 3413 tracking gains in spot market demand amid firmness in other oilseed counters also supported the prices.
Rapeseed arrivals will pick up only by the end of next month when the new crop starts.
The country's rapeseed output in the 2011/12 crop year that ends in June is likely to drop to 7.5 million tonnes, compared with 8.2 million tonnes a year ago, according to farm ministry estimates.
Crushing is also very lower in Indian markets due to absence of the good margins which is resulting in lower production of oil and in turn supporting the prices.
The total arrivals of Mustard Seed increased by 5000 bags at 75000 bags in major mandies.
In the Sri Ganganagar spot market in Rajasthan the price edged up by 77.5 rupee to 3355 rupees per 20 kgs.
In yesterday's trading session Mustardseed has touched the low of 3375 after opening at 3375, and finally settled at 3413.
For today's session market is looking to take support at 3383.3, a break below could see a test of 3353.7 and where as resistance is now likely to be seen at 3434.3, a move above could see prices testing 3455.7.
Trading Ideas:
RM Seed trading range for the day is 3354-3456.
Mustard seed ended with good gains tracking gains in spot market demand
The country's rapeseed output in 2011/12 crop year that ends in June is likely to drop to 7.5 million tonnes
The total arrivals of Mustard Seed increased by 5000 bags at 75000 bags in major mandies.
In the Alwar spot market in Rajasthan the price edged up by 77.5 rupee to 3355 rupees per 20 kgs.
Courtesy: Kedia Commodities
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