Mustard oil rules flat; futures perk up seeds

Our Correspondent Updated - March 12, 2018 at 01:55 PM.

BL18_MUSTARD

Mustard oil ruled flat on Thursday as cottonseed oil and palmolein prices keeping it on leash. Mustardseeds, on the other hand, gained in the spot market taking cues from the futures market.

According to Mr Cheeman Lal, a Neemuch-based trader, the sluggish trend is likely to continue as long as cotton and palm oil prices attain parity with mustard oil.

Mr Vinod Choudhary, an Indore-based broker, said that due to ongoing expiry of monthly contracts, mustardseeds have remained range-bound in the last few days. A clear picture will emerge only after 2-3 days . However, in any case, mustardseeds prices are unlikely to drop below Rs 3,700-3,800.

In fact, mustardseed may witness a rise in the coming days due to demand from pickle manufacturers, he said.

Mustard oil ruled flat with prices in Indore mandis being quoted at Rs 727 for 10 kg. In Neemuch and Morena, it ruled at Rs 720 and Rs 730, respectively. In Rajasthan and Gujarat mandis, mustard oil ruled stable with price in Kota being quoted at Rs 730, at Rs 730 in Ganganagar and at Rs 745 in Japur.

In Gujarat mandis , it was stable at Rs 720. In the past one week, mustard oil has declined by Rs 15 on sluggish buying .

On the other hand, rise in mustard futures perked up mustard and raida seeds prices in Indore mandis. Mustard seeds in Indore mandis gained Rs 50 to Rs 3,850-3,900 a quintal, while raida ruled at Rs 3,550-3,600 (up Rs 25-50). In Neemuch and Mandsaur mandis also mustardseeds ruled marginally higher at Rs 3,550-3,600 a quintal.

Plant deliveries in mustard seeds were higher at Rs 3,850 (up Rs 10). In the futures market, mustardseeds ruled higher with the May contract on the NCDEX closing Rs 14 higher at Rs 3,769 a quintal, while its June contract closed Rs 12 higher at Rs 3,832 .

Arrival was recorded at 1.30 lakh bags against 13,000 bags in Madhya Pradesh, 10,000 bags in UP, 75,000 bags in Rajasthan respectively.

Published on May 17, 2012 13:45