Notwithstanding subdued demand, bullish trend continued in mustard oil and seeds on rise in dollar.
In Indore mandis, mustard oil on Thursday rose to Rs 656 for 10 kg (up Rs 10), while it ruled Rs 10 higher in Morena at Rs 660.
Strong global cues lifted mustard oil prices in Indore mandis in the past one week by Rs 16. With rupee showing no sign of recovery against dollar, the rise in soya oil and other imported oil primarily contributed to uptrend in mustard oil and seeds. In this scenario, bearish sentiment in mustard oil appears unlikely in the coming days, said Vinod Agrawal, a local mustard seeds broker, adding that festival demand ahead will further strengthen the bullish sentiment in mustard oil.
Mustard seeds on the other hand ruled firm at Rs 4,100-Rs 4,250 a quintal (up Rs 50 from last week), while raida ruled at Rs 3,050-3,100. Mustard seeds futures traded lower on weak buying support with its September and October contracts on the NCDEX closing at Rs 3,403 (down Rs 36) and Rs 3,435 (down Rs 35).
Plant deliveries in mustard seeds for Jaipur line also ruled higher at Rs 3,600-3,620 on improved demand from crushers.
Arrival of mustard seeds across the country on Thursday was recorded at 45,000 bags. Rajasthan lead the arrivals with 30,000 bags, followed by Punjab-Haryana and Uttar Pradesh with 4,000 bags each, Madhya Pradesh and Gujarat with 2,000 bags each, while 3,000 bags were offloaded elsewhere in the country.