Technically Mustard Seed market is under fresh buying as market has witnessed gain in open interest by 6.72% to settled at 36990.

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NCDEX Mustard Seed under fresh buying; Resistance seen at 4295
Commodity Online | November 14 2019
UPDATED 11:30:03 IST

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MCX Zinc under short covering; Resistance seen at 183.8

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Technically Mustard Seed market is under fresh buying as market has witnessed gain in open interest by 6.72% to settled at 36990.

Now NCDEX Mustard Seed is getting support at 4237 and below same could see a test of 4209 levels, and resistance is now likely to be seen at 4295, a move above could see prices testing 4325.

Mustard Seed on NCDEX settled up by 0.21% at 4265 on late short covering after prices dropped on profit booking due to expectations of higher sowing in the ensuing rabi season. 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.

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. However, government in his fourth advance estimate has reported 9.339 million MT for 2018-19 which is 6.13 per cent higher than the third advance estimate of 8.8 million MT.

India’s mustard meal exports in the month of July 2019 were 93.837 thousand MT (provisional), higher against 71.064 thousand MT in May 2019. Total exports of rapeseed meal from April 2019 to July 2019 were 3.58 lakh MT which is 10.95 percent lower than 2018-19 exports of 4.02 lakh MT in the same time period. In Alwar spot market in Rajasthan the prices remains unchanged by 0 Rupees to end at 4385.5 Rupees per 100 kg.

Trading Ideas:
--Mustard Seed trading range for the day is 4209-4325.
--Mustard Seed gained on late short covering after prices dropped due to expectations of higher sowing in the ensuing rabi season.
--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 remains unchanged by 0 Rupees to end at 4385.5 Rupees per 100 kg.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 1 9050.00
Coconut Oil 0.1 16900.00
Arecanut 25 15000.00
Sugar 0.5 4000.00

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