The uptrend in mustard oil continued on rise in mustard seeds futures that have gone up by Rs 300 a quintal. Besides, strong buying support in soya seeds and oil has also added to the bullish trend.
Mustard oil in Indore mandis on Thursday was up Rs 12 to Rs 759 for 10 kg.
Similarly mustard oil in Neemuch perked up to Rs 760 (up Rs 20), while it was Rs 750 in Moorena (up Rs 20).
In Rajasthan mandis also mustard oil has been witnessing uptrend for the past one week. In Kota, it ruled at Rs 760 (up Rs 10, Ganga Nagar -- Rs 765 (up Rs 13), while in Jaipur it ruled at Rs 780 against Rs 765 yesterday. Similarly, in Gujarat mandis also uptrend continued in mustard oil with its price on Thursday being quoted at Rs 765 (up Rs 25).
Given fast approaching monthly cuts on the NCDEX and rise in mustard seeds futures, the positive sentiment will likely to continue in the coming days, said a trader here.
Mustard seeds in Indore mandis ruled at Rs 4,200-4,250 (down Rs 150-200 from last week), . In Neemuch, mustard seeds ruled at Rs 3,800-4,000 a quintal (up Rs 400 from last week). Plant deliveries in mustard seeds for Jaipur line ruled at Rs 4,240-60 a quintal (up Rs 200 from last week).
Mustard seeds futures in the past one week have also gone up by over Rs 300 a quintal on rise in buying support in the futures.
October and November contracts on the NCDEX closed at Rs 4,040 (down Rs 27) and Rs 4,099 a quintal (down Rs 18).
With speculators pushing up the prices, mustard seeds and oil may witness an uptrend in the physical market in the coming days, said Vinod Choudhary, a broker.
Arrival of mustard seeds in the country on Thursday was recorded at 70,000 bags against 40,000 in Rajasthan; 4,000 bags in Madhya Pradesh; 6,000 in UP; 7,000 in Punjab; 3,000 in Gujarat and 10,000 bags elsewhere in the country.