NCDEX Mustard Seed likely to move in a range of 3768-3814
Commodity Online | April 26 2019
UPDATED 11:40:58 IST

MCX Mentha Oil likely to move in a range of 1270.1-1331.1

MCX Aluminium may trade between 140.5-145.7 levels

MCX Nickel under long liquidation; Support seen at 988.2

MCX Zinc under fresh selling; Support seen at 188.7

MCX Copper under fresh buying; Support seen at 449.8

Technically NCDEX Mustard Seed is getting support at 3778 and below same could see a test of 3768 level, And resistance is now likely to be seen at 3801, a move above could see prices testing 3814.

Mustard Seed on NCDEX settled down by 0.34% at 3788 on profit booking after prices gained on expectation of improving demand for crushing while pickup in procurement by NAFED at MSP. Nafed is expected to procure about 20 lakh tonnes of mustard at MSP from various states.

All India mustard crop arrivals in the second week of April is reported at 2.07 Lakh MT which is 40.81 percent higher than the last year arrivals of 1.47 Lakh MT in the same time periods. Higher arrivals are due to higher production estimate this year.

According to the latest report of SEA, all India mustard production for 2018-19 is estimated at 8.5 million MT which is around 18.88 per cent higher than last year production estimate of 7.15 million MT.

Higher production estimate is due t0 higher sowing acreage and favourable weather condition in major producing states. USDA revised its production forecast by 21% to 80 lt in April monthly report from 66 lt last month.

Moreover, rape meal exports in March provisionally reported down by 59.2% at 50,964 tonnes (Vs 125,000 t) on year as per SEA press release. However, February meal exports figures revised higher to 79,463 tonnes from 41,728 tonnes.

Meal exports crossed 10 lt in FY 2018/19 first time in last 3 years. As per SEA, the mustard seed production will be higher by about 19% this season to over 81 lt due to better climate and higher area. In Alwar spot market in Rajasthan the prices gained 25.75 Rupees to end at 3870.5 Rupees per 100 kg.

Trading Ideas:
--Mustard Seed trading range for the day is 3768-3814.
--Mustard Seed dropped on profit booking after prices gained on expectation of improving demand for crushing while pickup in procurement by NAFED at MSP.
--Nafed is expected to procure about 20 lakh tonnes of mustard at MSP from various states.
--All India mustard crop arrivals in the second week of April is reported at 2.07 Lakh MT which is 40.81 percent higher than the last year arrivals of 1.47 Lakh MT.
--In Alwar spot market in Rajasthan the prices gained 25.75 Rupees to end at 3870.5 Rupees per 100 kg.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 200 9500.00
Coconut Oil 2 16800.00
Arecanut 53 24000.00
Sugar 40 3232.00

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