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Mustard Futures Marginally Down Amid Mixed Cues

12 Feb 2019 6:20 pm
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Mumbai (Commoditiescontrol) – NCDEX mustard futures witnessed mixed trade with looming weather concerns, expectation of fresh arrivals and positive soy market. Finally, April’19 contract settled marginally down by INR 10 at INR 3918 per quintal.

As per Skymet, Rajasthan is all set to witness second round of rains accompanied with hailstorm on February 13 and 14. The desert state had last witnessed rains and thundershowers on February 7. During that time its major cities such as Sriganganagar, Hanumangarh and Suratgarh had experienced rains along with intense hailstorm activities.

With another round of hailstorm, the threat of crop damage looms large over the Rabi crop. At present, most of the crop is at standing stage and are ready for harvesting. These unseasonal weather activities along with strong winds could lead complete destruction of the crop or deteriorate the quality of the grain.

Meanwhile, neighboring soybean ended positively with once again rising hopes over US-China trade talks which is giving boost to the overall market sentiments, stocks as well as commodities.

Moving ahead, with rising crop damage concerns in next couple of session, mustard prices are expected to remain firm.

(By Commoditiescontrol Bureau)

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