Mustard yesterday settled down -1.39% at 3197 tracking weakness in spot demand and other oilseed counters. A reported moderation in rape mustard meal output could be a dominant factor for the sentiments. Rape Mustard oil prices in Sri Ganganagar have slipped to their two and half-month low amid a massive correction in entire edible oils pack. According to COOIT', the total output of mustard seed in the country is seen at 71.50 lakh tonnes, up 12.70% on the year. The mustard seed arrivals are slipping in major mandies now as the peak supplies season gets over. Overall demand in edible oils is expected to rise in coming days as festive season approaches. Good monsoon has resulted in to speedy sowing activities of kharif crops in the country. The Industry estimated 71.5 Lakh tons of RMseed production this year. The latest data compiled by the Solvent Extractors' Association of India (SEA of India), the mustard meal exports during June 2013 is reporting at 0.96 lakh tons compared to 1.42 lakh tons in June 2013 i. e. down by 32.30%. In the Alwar spot market in Rajasthan the price dropped -39 rupee to 3385 rupees per 20kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 7.72% to settled at 74370 while prices down -45 rupee, now Mustard is getting support at 3171 and below same could see a test of 3145 level, And resistance is now likely to be seen at 3228, a move above could see prices testing 3259.
Trading Ideas:
Rmseed trading range for the day is 3148-3262.
Mustard yesterday settled down -1.39% at 3197 tracking weakness in spot demand and other oilseed counters.
A reported moderation in rape mustard meal output could be a dominant factor for the sentiments.
NCDEX accredited warehouses mustard seed stocks dropped by 1386 tonnes to 78825 tonnes.
In the Alwar spot market in Rajasthan the price dropped -38.6 rupee to 3384.7 rupees per 20kgs.
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