Hot Commodities: Mustardseed Takes A Steep Dive After Sliding From Two Month High

NCDEX Mustardseed futures slumped from a near two month high today as heavy profit selling emerged on the first session of the week. Futures had gained in recent week though highs above Rs 4000 per quintal mark were clearly seen throttling the fresh buying. Spot market cues played a part in keeping buying limited over last two weeks as overall sentiments remained steady in Mustardseed ready markets. Arrivals are pacing up and some weakness was seen in spot market. Oilmeal demand is also steady though the recent spate of weakness in Indian Rupee is expected to support export offtakes. Futures traders finally gave up today and the counter took a steep dive in early moves after breaking below Rs 4000 levels. The contract currently trades at Rs 3972 per quintal, down 1.17% on the day.