Agri Commodities Preview: Mustardseed Futures Could See Further Profit Selling

NCDEX Mustardseed futures slumped from a near two month high yesterday 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 closed at Rs 3969 per quintal, down 1.24% on the day.