Mustard July Futures Closed Higher On Wednesday

Mustard July futures closed higher on Wednesday mainly due to short covering by the market participants on weak physical demand. Open interest for near month contract decline by 425 lots of 10 tonnes each. Moreover, higher stocks level in country is pressurizing prices. As per Agmarknet data, the mustard arrivals were 22,651 tonnes last week, lower as compared to 34,322 tonnes in the previous week.

Mustard prices have been under pressure due to record production in 2016/17 and higher 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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