Fresh buying seen in NCDEX Maize; Support seen at 1536
Commodity Online | September 22 2016
UPDATED 13:32:31 IST

MCX Gold under short covering; Resistance seen at 49465

MCX Silver under long liquidation; Support seen at 65712

MCX Crude Oil under fresh selling; Support seen at 3781

MCX Natural Gas under long liquidation; Support seen at 176.7

MCX Copper under fresh selling; Resistance seen at 614.8

Maize on NCDEX settled up by 1.9% at 1555 tracking firmness in spot demand despite of weak trend in overseas prices. The USDA said after the market close that 9 percent of U.S. corn had been harvested as of now, down from the five-year average of 12 percent for this time of the yearand estimated of 11 percent.In India, maize has been sown in around 83.22 lakh hectares as on 16th Sept’ 16 which is higher than 76.34 lakh hectare covered during corresponding period last year.

In Karnataka, it has been sown in 12.67 lakh hectare which is higher than 10.43 lakh hectare covered during corresponding period last year while in Maharashtra; it has been up by 1.65 lakh hectares to 9.21 lakh hectares. In M.P, it has been up by 1.65 lakh hectares to 12.63 lakh hectares. However, in Rajasthan, it has been down by 0.48 lakh hectares to 9.32 lakh hectares. At Khanna market in Punjab sources reported arrivals at 3750 Quintal, unchanged as compared to previous day’s arrival. At Naugachia market in Bihar, estimated market supply was at 1667 Quintal, unchanged as compared to previous day’s arrival.

Corn exports are raised for Brazil with larger projected supplies for the local marketing year beginning in March 2017. Corn imports are raised for China, reflecting updated expectations of trade by non-state importers. In Nizamabad maize spot prices gained 7.55 rupees to 1898.1 rupees per 100kgs.Technically market is under fresh buying as market has witnessed gain in open interest by 5.23% to settled at 3820 while prices up 29 rupee, now Maize is getting support at 1536 and below same could see a test of 1517 level, and resistance is now likely to be seen at 1567, a move above could see prices testing 1579.

Trading Ideas:

--Maize trading range for the day is 1517-1579.

--Maize prices ended with gains tracking firmness in spot demand despite of weak trend in overseas prices.

--The USDA said after the market close that 9 percent of U.S. corn had been harvested as of now.

--In Karnataka, it has been sown in 12.67 lakh hectare which is higher than 10.43 lakh hectare during corresponding period last year.

--In Nizamabad maize spot prices gained 7.55 rupees to 1898.1 rupees per 100kgs.

Courtesy: Kedia Commodities

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