Last Updated : February 09, 2010 11:20
Mustard Seed steady on positive edible oils
Fundamental Analysis
NCDEX April Mustard seed futures closed higher on account of higher prices of other edible oils on Monday.
India’s rape/mustard seed production for the crop year that began Oct. 1 is expected to decline to 5.5 million-6 million metric tonnes due to lower area under cultivation.
The area under Rapeseed/Mustard Seed, as on 28 January, is reported down at 64.36 lh against 66.49 lh in the corresponding period a year ago.
Technical Analysis
Prices closed below its 10 Day & its 20 Day EMA. 14-Day RSI is at 35.59, which is in neutral zone.
Daily MACD in negative territory.
Prices are expected to trade sideways with short-term support and resistance as follows.
Outlook
Mustard Seed prices are expected to trade slightly higher on account of higher prices of other edible oils and oilseeds (for short term). However, in the long term, overall it is expected to trade lower on account of higher global oilseeds output and huge import of edible oils may provide support to bears.
Courtesy: Angel Commodities
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