MUMBAI (Commodity Online): Mustard Seed futures extended uptrend on Tuesday on the back of subdued demand in the spot markets amid fresh arrivals from the producing regions.
In NCDEX rm seed February contract traded at Rs.3370 per quintal, down by 0.41 per cent o against the previous close.
In the morning session the contract traded at a range of Rs.3351-3398 per quintal. Open interest of the contract is 159110 lots and volume traded is 145950 lots for the time being.
Panel of members from china are visiting India to check the crushing technologies and possibly remove ban on Indian oil meal imports.
We feel that ban also could be removed as soon as possible as world wide supplies of oil meal could be lower during 2012 and china could not afford to loose out on imports from India as their demand is increasing at faster pace. Production estimates are still around 65 lakh tons compared to 70 lakh tons last year.
Solvent Extractor’s Association survey is due during this might which would project clear estimates for mustard production for 2012.
