MUMBAI (Commodity Online): India Mustard Seed futures declined Tuesday on selling pressure by the traders on the back of China banned oilmeal imports from India.
In NCDEX rm seed January contract is trading at Rs.3498 per quintal, a decline of 1.04 per cent on 15:20 IST against the previous close.
In the morning session the contract traded at a range of Rs.3468-3560 per quintal. Open interest of the contract is 62890 lots and volume traded is 34130 lots for the time being.
China is major destination of Indian mustard meal exports which might affect the crushing activities. Supply bottle neck of soybean across globe might support mustard prices in domestic markets as it could be reliable option to meet domestic edible oil requirement.
Rajasthan mustard industries project Mustard Seed estimates to be flat around 31 lakh tons same as last year despite lag in acreage which is affecting market sentiments.
