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Mustard Prices Continues to Stay Up on Declining Arrivals

24 Apr 2019 5:27 pm
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Mumbai (Commoditiescontrol)—Indian mustard seed futures remained marginally high for the third straight day with sluggish arrivals in physical markets due to unwillingness of farmers to sell at current lower rates. Short coverings at lower level also supported to the prices to stay marginally higher. At the end May’19 futures after making intra-day high at INR 3809, finally settled at INR 3797, up by 5 points from earlier session close.

The total volume in May contract was 19420 MT vs. 26820 MT observed during previous session. Open Interest in May’19 contract decreased significantly and was at 69510 lots vs. 70940 lots during last session.

At physical front also, prices remained on higher side. The Alwar market was trading up at INR 3844 (vs. 3831 during earlier session) and Jaipur market was higher INR 3900 (vs. 3875) per quintal.

Total arrivals in country in today’s session remained marginally higher to 4.0 lakh bags vs. 3.75 lakh bags observed during previous session. Amongst the biggest mustard producing state- Rajasthan accounted for 2.25 lakh bags, MP accounting for 30 thousand bags, UP at 50 thousand bags, Haryana and Punjab at 35 thousand bags, Gujarat contributing for 20 thousand bags, while other states contributing for 40thousand bags.

As NAFED has started mustard procurement in most of the major markets at MSP 4200 per quintal, farmers have started hoarding their left-over stocks to sell with better price realization. Due to bumper crop and hefty palm imports in last couple of months, mustard prices continuously stayed much below MSP throughout the season. Now as the harvest is almost over and government bodies are back into active buying mode, most of the farmers are holding their stocks to sell at higher prices and recover their previous losses.

Moving ahead, lack of any fresh fundamentals factor shall keep the mustard prices in range bound note in coming days.

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