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Mustard NCDEX Market Update News
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Mustard Seed on NCDEX settled down by -0.2% at 3917 tracking weakness in spot demand. Pressure also seen after government reported robust sowing data for the week ended to Jan 6. According to Agriculture Ministry's data Indian farmers have planted mustard seed on 6.93 million hectare area until Jan 6, 10.52% In the same period a year ago sowing was 6.27 million hectare, data showed. Demand for mustard oil expected to decline at higher level in recent times as consumers are likely to shift to cheaper alternatives.
Trading Ideas
- Rmseed trading range for the day is 3884-3966.
- Mustard seed prices ended with losses tracking weakness in spot demand.
- Pressure also seen after government reported robust sowing data for the week ended to Jan 6.
- NCDEX accredited warehouses mustard seed stocks dropped by 950 tonnes to 3384 tonnes.
- In Alwar spot market in Rajasthan the prices gained 12.9 rupees to end at 4424.15 rupees per 100 kg.
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