Mustard July Futures Closed Lower Yesterday

Mustard July futures closed lower yesterday on technical selling. The trend is looking higher mainly due to lower level buying as spot and futures prices are more than 23% lower. There is expectation crushing demand from the oil mills for the winter demand but higher stocks in domestic market caps price rise.

Mustard prices have been under pressure due to higher production and increase in imports of Mustard oil during the current oil year started Nov 2016. As per SEA recent data, mustard oil imports for period Nov-May increase 5% to 1.18 lt in 2016/17 from 1.72 lt in the previous year. Moreover, imports increase by 55.7% in May compared to last year imports.

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