Mustardseed yesterday traded with the positive node and settled 2.45% up at 3848 tracking gains in other oilseed counters amid firm spot demand. Some more improvement may be seen in near future due to improved demand. The market is keenly monitoring the progress of the monsoon rains. Monsoon rains have covered most parts of Maharashtra and may cover remaining parts of the state and Madhya Pradesh in next few days. During past one month, sharp fall is seen in RMseed market due to start of selling pressure by the stockiest. 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. 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. The total arrivals of mustard seed decreased by 2000 bags at 82000 bags in major mandies. In the Sri Ganganagar spot market in Rajasthan the price edged up by 25 rupee to 3753.95 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 3757 after opening at 3757, and finally settled at 3848. For today's session market is looking to take support at 3785.7, a break below could see a test of 3723.3 and where as resistance is now likely to be seen at 3881.7, a move above could see prices testing 3915.3.
RM Seed trading range for the day is 3723-3915.
Mustard seed ended higher tracking gains in other oilseed counters amid firm spot demand.
Some more improvement may be seen in near future due to improved demand.
NCDEX accredited warehouses mustard seed stocks dropped by 752 tonnes to 126118 tonnes.
In the Sri Ganganagar spot market in Rajasthan the price edged up by 25 rupee to 3753.95 rupees per 20 kgs.
- Decision on gas price revision taken under RIL’s coercion: Dasgupta
- Government to pay $8.1 billion fuel subsidy in fourth quarter
- Oil firms falls as government considers export parity pricing model
- Essar Oil to sign $1 billion financing co-operation deal with CDB
- ONGC may sell stakes in deep-water blocks to Shell