2009-09-29 12:19:48
NCDEX October Mustard seed futures closed higher on account of higher prices of other oilseeds and edible oils on Saturday.
Domestic kharif oilseeds area so far been covered on 172.21 lakh hectares against 181.34 lakh hectares during corresponding period a year ago, as on September 24, 2009.
The area under soybean is reported down at 95.90 lakh hectares against 96.24 lakh hectares a year ago, groundnut at 44.22 lakh hectares vs 51.95 lakh hectares in the corresponding period last year, sunflower sowing is reported at 5.61 lakh hectares against 6.31 lakh hectares, sesamum at 17.01 lakh hectares versus 14.79 lakh hectares last year, niger 2.40 lakh hectares against 3.45 lakh hectares and the sowing of castor seed is reported at 7.06 lakh hectares compared to 8.59 lakh hectares in the corresponding period last year.
Technical Analysis
Prices (NCDEX October Contract) closed at Rs. 544.00 per 20 Kg on Saturday; its high of the day was 547.00 levels and touched a low of 541.30 levels.
Prices closed below its 10 Days & above its 20 Days EMA. 14-Days RSI is at 55.99.
Outlook
Mustard Seed prices are expected to trade range bound on lack of fresh fundamentals (for short term). However, for long term perspective, higher global oilseeds output and huge import of edible oils may provide support to bears.
Courtesy: Angel Commodities
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