Mustardseed yesterday traded with the negative node and settled -1.34% down at 3545 due to profit booking at higher levels due to strong supplies in major mandies.
The strong arrivals of around 70000 bags and 40000 bags were reported in Rajasthan and Madhya Pradesh mandies. Traders are expecting strong supplies in the near term. However, the industry is waiting for the new mustard/rapeseed crop production figures.
According to second advance estimates, the oil seeds crop for 2011-12 is projected to drop by 6% to 30.53 million tonne owing to uneven rains in the kharif season and low pre-winter rains in the northern region.
The total arrivals of Mustard Seed increased by 5000 bags at 1.67 lakh bags in major mandies. In the Sri Ganganagar spot market in Rajasthan the price edged up by 25 rupee to 3500 rupees per 20 kgs.
In yesterday's trading session Mustardseed has touched the low of 3535 after opening at 3604, and finally settled at 3545.
For today's session market is looking to take support at 3515, a break below could see a test of 3485 and where as resistance is now likely to be seen at 3595, a move above could see prices testing 3645.
Trading Ideas:
RM Seed trading range for the day is 3485-3645.
Mustardseed ended weak due to profit booking at higher levels due to strong supplies in major mandies
The industry is waiting for the new mustardseed crop production figures
The total arrivals of Mustard Seed increased by 5000 bags at 1.67 lakh bags in major mandies.
In the Alwar spot market in Rajasthan the price edged up by 25 rupee to 3500 rupees per 20 kgs.
Courtesy: Kedia Commodities
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