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Fresh selling seen in NCDEX Mustard Seed
Commodity Online | September 13 2017
UPDATED 11:23:56 IST

MCX Cotton may trade 18257-18597 levels

Mentha Oil market under short covering; Support seen at 1169.4

MCX Cardamom under short covering

MCX Aluminium under short covering; Support seen at 137

Fresh selling seen in MCX Nickel; Support seen at 677.4

Technically NCDEX Mustard Seed is under fresh selling as market has witnessed gain in open interest by 5.67% to settled at 49720 while prices down -22 rupees.

Now Rmseed is getting support at 3789 and below same could see a test of 3776 level, And resistance is now likely to be seen at 3816, a move above could see prices testing 3830.

Mustard Seed on NCDEX settled down by -0.58% at 3803 on continued profit booking due to weak physical demand.

However, there is an anticipation of good demand from the oil millers in coming weeks on anticipation of good crushing demand on reports of good data for mustard meal exports in first 5 month of FY 2017/18.

Country exported 216,258 tonnes mustard meal during this period which is 122% higher on year. India's mustard meal exports for the month of July also rose 56.4% on year to 50,649 tonnes as per SEA data.

As per SEA recent data, mustard oil imports for period Nov-July down 23% to 1.94 lt in current oil year compared to 2.55 lt in the previous year.

Oil mills across the country crushed 450,000 tn of mustard seed in August, down over 18% from the previous month, according to data compiled by Mustard Oil Producers Association of India.

Arrivals of the new mustard crop started in February and picked up pace in March. From June, however, the pace of arrivals slowed, heralding the beginning of the lean season.

Since the beginning of the mustard season in February, oil mills have crushed about 3.9 mln tn of mustard seed, compared to total arrivals of 4.22 mln tn during the period, the official said. In Alwar spot market in Rajasthan the prices dropped -25.75 Rupees to end at 3870.5 Rupees per 100 kg.

Trading Ideas:

--Rmseed trading range for the day is 3776-3830.

-Mustard -prices ended with losses on continued profit booking due to weak physical demand.

--However, there is an anticipation of good demand from the oil millers in coming weeks on anticipation of good crushing demand.

--NCDEX accredited warehouses mustard seed stocks dropped by 182 tonnes to 24565 tonnes.

--In Alwar spot market in Rajasthan the prices dropped -25.75 Rupees to end at 3870.5 Rupees per 100 kg.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 200 9200.00
Coconut Oil NR 16900.00
Arecanut 3 2700.00
Sugar 1.6 3200.00

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