Agro Outlook
Mustard seed prices closed higher by 0.07 per cent on Thursday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the decline in the supply for the commodity in the major markets. At the NCDEX, mustard seed futures for January 2015 contract closed at Rs. 4,042 per quintal, up by 0.07 per cent, after opening at Rs. 4,075 against the previous closing price of Rs. 4,039. It touched the intra-day high of Rs. 4,075. India produces 5.5 million MT to7 million MT annually and about 0.15 million MT is retained for sowing and direct consumption as seed which leaves about 4.8-5.1 million MT for crushing and extracting oil.
MENTHAOIL
Mentha oil prices rose by 0.50 per cent on Friday at the Multi Commodity Exchange (MCX) due to tight stocks position in the physical market due to restricted arrivals from producing belts. At MCX, Mentha oil futures for January 2015 contract, at MCX, were trading at Rs. 742.10 per kg, up by 0.50 per cent after opening at Rs. 731.80 against the previous closing price of Rs. 738.40. It touched the intra-day high of Rs. 744.70 till the trading. (At 2.45 PM today). Sentiment improved further as traders engaged in creating positions on account of good demand from consuming industries and lower arrivals from Chandausi in Uttar Pradesh. About 80 per cent of the crop in India comes from Uttar Pradesh (Rampur, Moradabad, Bareilly, Barabanki and Badaun) and the balance 20 per cent from Punjab, Himachal Pradesh and Haryana.
D A I L Y B U Z Z
MUSTARD SEEDMustard seed prices closed higher by 0.07 per cent on Thursday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the decline in the supply for the commodity in the major markets. At the NCDEX, mustard seed futures for January 2015 contract closed at Rs. 4,042 per quintal, up by 0.07 per cent, after opening at Rs. 4,075 against the previous closing price of Rs. 4,039. It touched the intra-day high of Rs. 4,075. India produces 5.5 million MT to7 million MT annually and about 0.15 million MT is retained for sowing and direct consumption as seed which leaves about 4.8-5.1 million MT for crushing and extracting oil.
Mentha oil prices rose by 0.50 per cent on Friday at the Multi Commodity Exchange (MCX) due to tight stocks position in the physical market due to restricted arrivals from producing belts. At MCX, Mentha oil futures for January 2015 contract, at MCX, were trading at Rs. 742.10 per kg, up by 0.50 per cent after opening at Rs. 731.80 against the previous closing price of Rs. 738.40. It touched the intra-day high of Rs. 744.70 till the trading. (At 2.45 PM today). Sentiment improved further as traders engaged in creating positions on account of good demand from consuming industries and lower arrivals from Chandausi in Uttar Pradesh. About 80 per cent of the crop in India comes from Uttar Pradesh (Rampur, Moradabad, Bareilly, Barabanki and Badaun) and the balance 20 per cent from Punjab, Himachal Pradesh and Haryana.
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