Technically Mustard Seed market is under fresh buying as market has witnessed gain in open interest by 2.38% to settled at 37350 while prices up 3" />
 
NCDEX Mustard Seed under fresh buying; Resistance seen at 4112
Commodity Online | October 09 2019
UPDATED 11:50:31 IST

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Technically Mustard Seed market is under fresh buying as market has witnessed gain in open interest by 2.38% to settled at 37350 while prices up 32 rupees.

Now NCDEX Mustard Seed is getting support at 4073 and below same could see a test of 4049 level, and resistance is now likely to be seen at 4112, a move above could see prices testing 4127.

Mustard Seed on NCDEX settled up 0.79% at 4096 as support seen after revival of fresh buying by millers in physical to meet the likely demand of mustard oil. India's Nov-Aug rapeseed oil imports slipped to 59,171 tons from 2.29 lakh tons a year ago due to higher prices in the global markets, data from Solvent Extractors Association of India showed.

Higher crushing is due to improved export demand from South Korea. The SEA reported that mustard meal exports were 19% higher on year at 93,837 tn in July. NAFED had procured around 1.08 million tonnes mustard seed harvested in 2018-19 (Jul-Jun) under a price-support scheme. Out of total procurement, NAFED had procured 6.08 Lakh MT in Rajasthan, 2.51 lakh MT from Haryana, 1.82 lakh MT from Madhya Pradesh, 0.41 Lakh MT from Gujarat and 0.06 Lakh MT from UP.

MOPA has estimated all India mustard output at 8.1 million MT in 2018-19 which is 6.89 per cent lower than the initial estimate of 8.7 million MT. Mills in India crushed 575,000 tn of mustard seed in August, up by 15% higher compared to previous month, according to Mustard Oil Producers Association of India.

Trading Ideas:
--Mustard Seed trading range for the day is 4049-4127.
--Mustard Seed prices gained as support seen after revival of fresh buying by millers in physical to meet the likely demand of mustard oil.
--India's Nov-Aug rapeseed oil imports slipped to 59,171 tons from 2.29 lakh tons a year ago due to higher prices in the global markets.
--NAFED had procured around 1.08 million tonnes mustard seed harvested in 2018-19 (Jul-Jun) under a price-support scheme.
--In Alwar spot market in Rajasthan the prices gained 51.5 Rupees to end at 4231 Rupees per 100 kg.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 35 10000.00
Coconut Oil 0.1 16500.00
Arecanut 9 22000.00
Sugar 407 3322.00

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