Mustardseed yesterday traded with the negative node and settled -0.27% down at 3727 due to weak spot demand but downside was limited as the traders did not short huge quantity as the Indian monsoon condition is still not very satisfactory. During past one month, sharp fall is seen in RMseed market due to start of selling pressure by the stockiest. The medium term trend of oilseeds complex will be depend upon a lot on the monsoon advancement towards the central, west and north India as these are the major oilseeds producing belt of India. Traders should wait for some more days to make their long term view in oilseeds. In Indian market, volatility will continue to remain there and prices are expected to move in both direction in short term. With some improved demand in the physical market in the past two-three days, plant deliveries in mustard for Jaipur gained Rs 10-15 at Rs 3,850 a quintal. Plant deliveries of mustard seeds declined on lower demand from crushers. Plant deliveries for Ganga Nagar and Alwar were quoted lower at Rs 3,670 and Rs 3,816 a quintal. The total arrivals of mustard seed decreased by 4000 bags at 84000 bags in major mandies. In the Sri Ganganagar spot market in Rajasthan the price edged down by -42.3 rupee to 3607.7 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 3715 after opening at 3746, and finally settled at 3727. For today's session market is looking to take support at 3710.7, a break below could see a test of 3694.3 and where as resistance is now likely to be seen at 3747.7, a move above could see prices testing 3768.3.
RM Seed trading range for the day is 3694-3768.
Mustard seed ended lower due to weak spot demand
With some improved demand in physical market, plant deliveries in mustard for Jaipur gained Rs 10-15 at Rs 3,850 a quintal.
NCDEX accredited warehouses mustard seed stocks dropped by 169 tonnes to 126860 tonnes.
In the Sri Ganganagar spot market in Rajasthan the price edged down by -42.3 rupee to 3607.7 rupees per 20 kgs.
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