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Resistances seen at 3850 for NCDEX Mustard Seed
Commodity Online | September 14 2017
UPDATED 11:30:29 IST

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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 short covering as market has witnessed drop in open interest by -4.06% to settled at 47700.

Now Rmseed is getting support at 3805 and below same could see a test of 3781 level, And resistance is now likely to be seen at 3850, a move above could see prices testing 3871.

Mustard Seed on NCDEX settled up by 0.66% at 3828 tracking firmness in spot demand and other oilseed counters.

Prices also seen supported amid 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.

Indian farmers are likely to have harvested 6.9 mln tn of mustard in the year ended June, up nearly 19% from 5.8 mln tn the previous year, due to better yields and favourable weather, according to the results of a joint survey by the Central Organisation for Oil Industry and Trade and the Mustard Oil Producers Association.

Markets in Gujarat recorded arrivals of 245,000 tn of mustard seed, according to the data. The total marketable surplus of mustard is pegged at 6.78 mln tn, which includes carryover stock of 200,000 tn.

About 350,000 tn of the seed had been retained by farmers for sowing and direct consumption, the official said. In Alwar spot market in Rajasthan the prices gained 10 Rupees to end at 3880 Rupees per 100 kg.

Trading Ideas:

--Rmseed trading range for the day is 3781-3871.

--Mustard seed prices ended with gains tracking firmness in spot demand and other oilseed counters.

--Prices also seen supported amid 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 253 tonnes to 24312 tonnes.

--In Alwar spot market in Rajasthan the prices gained 10 Rupees to end at 3880 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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