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Mustard seeds and oil continued to rule higher on improved buying support and weak monsoon on Thursday. Mustard oil in mandis hereruled at Rs 815 for 10 kg, while it was at Rs 825 in Morena and at Rs 815 in Neemuch. In Rajasthan mustard oil ruled higher, with price in Kota at Rs 820, in Shri Ganga Nagar (Niwai) at Rs 825 and in Jaipur at Rs 835.
In Gujarat mandis, the oil was quoted at Rs 820 on strong buying support. Compared with last week, mustard oil is Rs 15 higher in Indore, Rs 10 up in Neemuch, while it is up Rs 30 in Morena. Similarly in Kota, it is ruling Rs 20 higher, in Ganga Nagar it is up Rs 25, while in Jaipur it is up Rs 20 against last week.
Though mandis in the State were closed today on account of amavasya , mustard seeds in Neemuch mandi in private trading ruled Rs 100 higher at Rs 4,300 a quintal. Given decline in stock and delay in sowing of the next crop, bullish trend in mustard seeds is likely in the coming days and it may touch Rs 4,500-a-quintal mark.
An increase in special cash margin to 15 per cent on the National Commodity and Derivatives Exchange has failed to dent the trend. Mustard traded higher in the futures with July and August contracts on the NCDEX closing at Rs 4,300 (up Rs 90) and Rs 4,358 a quintal (up Rs 96).
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