2009-12-07 13:13:29
NCDEX December Mustard seed futures closed higher on account of higher prices of other oilseeds and demand from millers.
As per statistics of Canadian government estimated the 2009/10 canola crop 15% higher than their previous estimate at 11.8 million tonnes. This is about 1.0 million tonnes above trade expectations.
Domestic Rabi oilseeds area so far been covered on 75.80 lakh hectare against 76.32 lakh hectare during corresponding period a year ago, as on November 26, 2009.
Latest sowing acreage of mustard seed in Rajasthan were 22.59 lakh hectare vs 27.25 lakh hectare and Madhya Pradesh 8.73 vs 7.30 lakh hectare.
Technical Analysis
Prices (NCDEX January Contract) closed higher at Rs. 637.50 per 20 Kg on Saturday; its high of the day was 639.00 levels and touched a low of 635.00 levels.
Prices closed above its 10 Day & its 20 Day EMA. 14-Day RSI is at 62.05, which is in neutral zone.
Outlook
Mustard Seed prices are expected to trade slightly higher on account of better demand from millers 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.
Courtesy: Angel Commodities
No comments:
Post a Comment