Published on January 18, 2010 14:00:00 IST
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NCDEX January Mustard seed futures closed lower owing to weakness in other edible oils and oilseeds on Saturday.
Domestic Rabi oilseeds area so far been covered on 85.93 lakh hectare against 92.16 lakh hectare during corresponding period a year ago, as on January 13, 2010.
Area under Rapeseed/Mustard Seed is reported at 64.05 lakh hectares against 66.31 lakh hectares a year ago, Groundnut at 5.92 lakh hectares against 6.02 lakh hectares, Sunflower sowing is reported at 7.80 lakh hectares against 10.61 lakh hectares in the corresponding period last year.
Technical Analysis
Prices (NCDEX April Contract) closed lower at Rs. 531.00 per 20 Kg on Thursday; its high of the day was 538.50 levels and touched a low of 530.80 levels.
Prices closed below its 10 Day & its 20 Day EMA. 14-Day RSI is at 26.75, which is in oversold zone.
Outlook
Mustard Seed prices are expected to trade lower on weakness in other edible oils and oilseeds (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
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