NCDEX November Mustard seed futures opened higher in tandem with other oilseeds and firm overseas market. However, prices could not sustain higher level after making a high of Rs 539.75 per 20 Kg in the morning hours, prices fell sharply an hour before closing the market due to harvest pressure of kharif oilseeds and higher global production estimates of total oilseeds.
Domestic kharif oilseeds area so far been covered on 173.23 lakh hectares against 182.97 lakh hectares during corresponding period a year ago, as on October 01, 2009. The area under soybean is reported mildly down at 96.04 lakh hectares against 96.24 lakh hectares a year ago, groundnut at 44.31 lakh hectares vs 52.45 lakh hectares in the corresponding period last year.
Sunflower sowing is reported at 5.70 lakh hectare against 6.70 lakh hectare, Sesamum at 17.37 lakh hectare versus 15.35 lakh hectare last year, Niger 2.71 lakh hectare against 3.62 lakh hectare and the sowing of castor seed is reported at 7.10 lakh hectare compared to 8.60 lakh hectare in the corresponding period last year.
Technical Analysis
Prices (NCDEX November Contract) closed lower at Rs. 533.15 per 20 Kg on Wednesday; its high of the day was 539.75 levels and touched a low of 532.00 levels.
Prices closed below its 10 Days & above its 20 Days EMA. 14-Days RSI is at 43.29.
Outlook
Mustard Seed prices are expected to trade lower on weakness in other oilseeds and higher global oilseeds output and huge import of edible oils may provide support to bears.
Courtesy: Angel Commodities
No comments:
Post a Comment