MUMBAI (Commodity Online):Mustard seed futures declined Monday on fresh selling by the traders due to fresh arrivals in the physical markets.
In NCDEX rm seed February contract is trading at Rs.3379 per quintal, down by 0.70 per cent on 16:00 IST against the previous close.
In the morning session the contract traded at a range of Rs.3368-3424 per quintal. Open interest of the contract is 171580 lots and volume traded is 97740 lots for the time being.
Stockist and crushers are expecting Chinese to remove the ban on Indian oil meal imports as their domestic production would not be sufficient to meet their requirement. 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.
