NCDEX Mustard Seed settled up by 1.74% at 3400 on supply worries following weak sowing data. The rains in growing states last month are reportedly good for the standing crop. India's rabi crop sowing contracted to 61.57 million hectare until Feb 13 from 65.68 million hectare a year showing a decline of 6%, agriculture ministry data showed. Oilseeds acreage was down at 8.1 million hectare as against 9.02 million hectare as farmers planted less mustard seed due to moisture stress in Rajasthan and Madhya Pradesh, two major mustard producing states.
In the Alwar spot market in Rajasthan the price gained 89.85 rupee to 3650.55 rupees per 100kgs.
Technically market is under short covering as market has witnessed drop in open interest by -7.2% to settled at 44480 while prices up 58 rupee, now Rm seed is getting support at 3367 and below same could see a test of 3333 level, and resistance is now likely to be seen at 3421, a move above could see prices testing 3441.
Technically market is under short covering as market has witnessed drop in open interest by -7.2% to settled at 44480 while prices up 58 rupee, now Rm seed is getting support at 3367 and below same could see a test of 3333 level, and resistance is now likely to be seen at 3421, a move above could see prices testing 3441.
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