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Fresh selling seen in NCDEX Mustard Seed
Commodity Online | December 07 2017
UPDATED 10:45:58 IST

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Zinc likely to trade in a range between 201.2-207 levels

MCX Cotton under short covering

Fresh buying seen in MCX Cardamom; Resistance seen at 1086

Fresh selling seen in NCDEX Jeera ; Support seen at 21240

Technically NCDEX Mustard Seed is under fresh selling as market has witnessed gain in open interest by 7.24% to settled at 29470 while prices down -3 rupees.

Now Rmseed is getting support at 4059 and below same could see a test of 4037 level, And resistance is now likely to be seen at 4104, a move above could see prices testing 4127.

Mustard Seed on NCDEX settled down by -0.07% at 4081 continuing its weakness tracking weakness in spot demand due to higher inventories with the traders. According to Mustard Oil Producers Association of India, mustard Stock with Farmers & Processors stockists is at 13 lakh tonnes.

Mills across the country crushed 475,000 tn of the oilseed in November, up nearly 6% on month. Crushing of mustard during October month jumped 6% compared to previous month on strong demand for oil during winter season.

Mustard seed crushing rose 475,000 tons compared to 450,000 tons in September month. From Feb 15 till Nov 30 processors have crushed 5.250 million tons mustard.

Demand for mustard oil generally rise as crude palm oil gets solidify during cold weather. Till Nov 30, around 5.425 million tons rapeseed have arrived in the market out of 6.77 million tons of estimated marketable surplus.

Around 1.125 million tons mustard seed are still with farmers while 175,000 tons with processors and stockist.

India's rapeseed and mustard output is set to drop by at least 10 percent for the 2017/18 crop year as scanty rains and high temperatures prompted farmers to switch to other crops despite a recent hike in the import duty on edible oils, trade officials said.

Rapeseed is typically processed into canola oil and is the main winter-sown oilseed crop in India. In Alwar spot market in Rajasthan the prices dropped -6.45 Rupees to end at 4121.55 Rupees per 100 kg.

Trading Ideas:

-- Rmseed trading range for the day is 4037-4127.

--Mustard dropped continuing its weakness tracking weakness in spot demand due to higher inventories with the traders.

--According to Mustard Oil Producers Association of India, mustard Stock with Farmers & Processors stockists is at 13 lakh tonnes.

--NCDEX accredited warehouses mustard seed stocks gained by 480 tonnes to 10016 tonnes.

--In Alwar spot market in Rajasthan the prices dropped -6.45 Rupees to end at 4121.55 Rupees per 100 kg.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 6.4 9600.00
Coconut Oil 3.5 22900.00
Arecanut 40 2350.00
Sugar NR 4450.00

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