Mustard Oct futures closed lower last week due to higher stock levels in the country despite good physical demand from the oil mills. Moreover, country’s top mustard producing state, Rajasthan, has set a target of 37.7 lakh tonnes production in 2017-18 (Jul-Jun), 4.3% lower from the output a year ago.
India’s mustard meal exports for the month of July also rose 56.4% on year to 50,649 tonnes as per SEA data. As per SEA recent data, mustard oil imports for period Nov-Aug down 21% to 2.40 lt in current oil year compared to 3.00 lt in the previous year.
Tips NCDEX for Tomorrow
Buy NCDEX Dhaniya November for Tomorrow above 4950 targets 5000/5050 Stop loss 4875.
Sold NCDEX Chana Nov for Tomorrow below 5445 targets 5415/5385 Stop loss 5490.