Karvy Commodities has come out with its report on Mustard seed. The research firm has maintained its bearish view on the commodity and has recommended to sell it from higher levels.
Mustard seed for June delivery at NCDEX platform settled at Rs. 3435/ quintal, down Rs. 51 or 1.46 % on yesterday's session. At Jaipur spot market, mustard seed traded at Rs. 3470-3475/ quintal, up by Rs. 10 from previous traded price. The daily arrivals were down by 10,000 bags from previous day's arrival. Lower arrivals and good demand from buyer's front have supported the prices. However, due to fall in other oilseeds prices have weighed on mustard price to close downside. Further fall in soybean and soy oil prices in today's session will keep mustard seed prices under pressure.
Yesterday the spot prices were up by Rs. 10/ quintal but futures closed downside so we can see an impact on spot prices at today's session. Looking at the P-V-OI of June contract at NCDEX for mustard seed, we see decline in prices and open interest while volume increased marginally so market is expected to remain uncertain. Based on the overall clues, we hold a bearish view and recommend selling the commodity from higher levels.
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