Trend continues to remain positive in RM seed futures market despite some weakness in international market. RM seed support prices are to be declared and speculation is going on in the market with respect to its MSP. Arrival in the big producing mandis of Rajasthan is a little bit low due to on going election in this state. Production in South-east Rajasthan is expected to remain good. Traders are expecting RM seed to witness some bullish sentiments in the near future as stocks are depleting and the domestic soybean sentiments have improved and they lend some support to the RM seed as well. In physical market less selling interest is seen. Arrival in the big producing mandis of Rajasthan has reduced to only 300-400 bags/day. Production in South-east Rajasthan is expected to remain good. Arrival is expected to take place in MP during January but it can not be used for delivery purpose due to high moisture content during this period. In Jaipur RMseed quotations remained near Rs 3150/Q. In Alwar quotations were near Rs 3050/Q. In Shri Ganga Nagar mandi price quotations were near Rs 2725/Q. Kachchi ghani trades at Rs 6900/Q. Pakki Ghani trades at Rs 6500/Q. On Tuesday RMseed prices are expected to trade positive. On NCDEX January contract is expected to feel resistance near 593 then 597 and support at 582 then 577 levels.
Courtesy: Religare Commodities
