Mustardseed yesterday traded with the negative node and settled -1.63% down at 3858 tracking weakness in spot demand amid weakness in other oilseed counters also weighed on prices. India's rapeseed output is estimated to drop 12.6 percent to 6.03 million tonnes in the current year to June, a trade body said on March 18. Although the fundamentals are in favor of bulls and supply scenario for the next one year seems very tight but undue speculation has helped prices to reach the levels where millers will not be able to crush the seed in a profitable manner. Please learn that during past one week, several steps are being taken by the FMC to curb excessive speculation, and the visible impact is seen on the open interest of these commodities. The total arrivals of mustard seed decreased by 50000 bags at 4.05 lakh bags in major mandies. In the Sri Ganganagar spot market in Rajasthan the price edged up by 1.25 rupee to 3825 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 3858 after opening at 3941, and finally settled at 3858. For today's session market is looking to take support at 3825, a break below could see a test of 3792 and where as resistance is now likely to be seen at 3924, a move above could see prices testing 3990.
RM Seed trading range for the day is 3792-3990.
Mustard seed ended with weak trend tracking weakness in spot demand amid weakness in other oilseed counters
India's rapeseed output is estimated to drop 12.6 percent to 6.03 million tonnes in the current year to June
NCDEX accredited warehouses mustard seed stocks gained by 5527 tonnes to 33736 tonnes.
In the Alwar spot market in Rajasthan the price edged up by 1.25 rupee to 3825 rupees per 20 kgs.
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