Commodity Trading Tips for Mustardseed by KediaCommodity

Mustard SeedMustardseed yesterday traded with the negative node and settled -1.34% down at 2948 as weakness in soy complex due to higher crop prospective weighed on sentiments. Rapeseed production in the European Union will fall 8.9 percent to a four-year low as German output declines, boosting the need for imports into the bloc. EU output will fall to 18.7 million metric tons in the marketing year that started on July 1, down from 20.5 million tons the prior 12 months, according to the report, released yesterday. Imports from April through June rose to a record 917,000 tons, up from 272,000 during the same period a year earlier. In the Alwar spot market in Rajasthan the price edged down by -11.6 rupee to 3006.15 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 2947 after opening at 2985, and finally settled at 2948. For today's session market is looking to take support at 2933, a break below could see a test of 2918 and where as resistance is now likely to be seen at 2977, a move above could see prices testing 3006.

Trading Ideas:

Mustard Seed trading range is 2918-3006.

Mustardseed settled weak as weakness in soy complex due to higher crop prospective weighed on sentiments

Rapeseed production in the European Union will fall 8.9 percent to a four-year low as German output declines

NCDEX accredited warehouses mustard seed stocks dropped by 413 tonnes to 181937 tonnes.

In the Alwar spot market in Rajasthan the price edged down by -11.6 rupee to 3006.15 rupees per 20 kgs.