MUMBAI (Commodity Online): Mustard Seed futures declined Friday on fresh selling by the traders on the back of higher arrivals from the fresh crop.
In NCDEX rm seed February contract is trading at Rs.3242 per quintal, down by 0.73 per cent on 15:55 IST against the previous close.
In the morning session the contract traded at a range of Rs.3235-3280 per quintal. Open interest of the contract is 130770 lots and volume traded is 75810 lots for the time being.
Crushers are not actively involved in buying and scenario is same with stockists as the meal demand is absent currently across spot markets. However panel of member from china might visit Indian to check the crushing technologies and possible remove the ban on Indian oil meal imports.
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.
