Market traded in both directions on Friday. Morning hours witnessed weakness due to fresh selling but later on crude palm oil on the BMD, Malaysia turned bullish and closed 6 percent above the previous close.
Due to weekend, short covering was seen there. Domestic physical markets are witnessing lackluster trade amidst thin demand. In Shri Ganganagar mandi, arrival was 300 bags while price was quoted at Rs 2560/Q in loose. Alwar mustard (42 condition) traded at Rs 2925/Q, Jaipur quality (42 condition) traded at Rs 3075/Q. In Alwar Kacchi Ghani traded Rs 6600/Q while Pakki Ghani traded at Rs 6400/Q.Medium term outlook still seems bearish new crop arrival pressure in the month of October and November will bring oilseeds prices down.
On Saturday some recovery in prices might be seen but major upside movement is not expected rather market may witness downside movement in the last trading hour of the session as international market lacks any fresh news.
Courtesy: Religare Commodities
