2009-11-19 15:58:16
NCDEX December Mustard seed futures closed slightly higher on account of higher prices of other oilseeds and edible oils on Wednesday.
Domestic Rabi oilseeds area so far been covered on 54.91 lakh hectare against 61.31 lakh hectare during corresponding period a year ago, as on November 12, 2009.
The area under Rapeseed/Mustard Seed is reported down at 43.85 lakh hectare against 46.84 lakh hectare a year ago, Groundnut at 1.81 lakh hectare vs 2.28 lakh hectare and Sunflower sowing is reported at 4.26 lakh hectare against 7.40 lakh hectare in the corresponding period last year.
Technical Analysis
Prices (NCDEX December Contract) closed higher at Rs. 612.70 per 20 Kg on Wednesday; its high of the day was 612.90 levels and touched a low of 604.00 levels.
Prices closed above its 10 Day & its 20 Day EMA. 14-Day RSI is at 82.52, which is in overbought region.
Outlook
Mustard Seed prices are expected to trade slightly higher on higher prices of other oilseeds and edible oils for short term. However, in the long term, overall it is expected to trade lower on account of higher global oilseeds output and huge import of edible oils may provide support to bears.
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