21:18
Unknown
Mustard seed futures are likely to gather some buying at lower levels
due to millers demand in local mandies and weak carryover stocks. The
NCDEX futures surged almost Rs 77 per quintal in the last trading.
Strapping millers offtake ahead of upcoming festival demand enabled sturdy gains in both spot and futures market. Moreover, positive crushing margin from mustard seed crushing also added some gains in the domestic market. The total stocks of around 16-17 lakh tonnes have been reported in the major producing states against the total requirement of 18-19 lakh tonnes ( considering 4-5 lakh tonnes monthly) till February month. This might also create the scarcity in mustard market in the coming days.
In the spot market, the total daily arrivals of mustard seed remained unchanged at 65 thousand bags in the last trading. While the spot prices of mustard witnessed strong buying across all the mandies to trade at around Rs 3820-4300 per quintal, up almost Rs 40-60 per quintal in the previous day.
The NCDEX November Mustard seed contract added almost Rs 77 per quintal to settle at Rs 4015 per quintal in last trading. The NCDEX futures swelled by almost Rs 180 per quintal in the last three trading days. The contract added almost 3000 positions in open interest indicating new buying by traders. Technically, prices are likely to gather some buying around Rs 4380-4390 per quintal while resistances are likely at Rs 4440-4450 per quintal in the short term.
Strapping millers offtake ahead of upcoming festival demand enabled sturdy gains in both spot and futures market. Moreover, positive crushing margin from mustard seed crushing also added some gains in the domestic market. The total stocks of around 16-17 lakh tonnes have been reported in the major producing states against the total requirement of 18-19 lakh tonnes ( considering 4-5 lakh tonnes monthly) till February month. This might also create the scarcity in mustard market in the coming days.
In the spot market, the total daily arrivals of mustard seed remained unchanged at 65 thousand bags in the last trading. While the spot prices of mustard witnessed strong buying across all the mandies to trade at around Rs 3820-4300 per quintal, up almost Rs 40-60 per quintal in the previous day.
The NCDEX November Mustard seed contract added almost Rs 77 per quintal to settle at Rs 4015 per quintal in last trading. The NCDEX futures swelled by almost Rs 180 per quintal in the last three trading days. The contract added almost 3000 positions in open interest indicating new buying by traders. Technically, prices are likely to gather some buying around Rs 4380-4390 per quintal while resistances are likely at Rs 4440-4450 per quintal in the short term.
Posted in: Mustard seed updates,ncdex call updates
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