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Commodity News

Mustard seed ends lower on weak demand

30 April 2014 (12:11AM)

Mustard Seed prices closed lower by 1.06 per cent on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the profit booking by the traders on account of the weak crushing and export demand of mustard meal. At the NCDEX, Mustard Seed futures for May 2014 contract closed at Rs. 3,560 per quintal, down by 1.06 per cent, after opening at Rs. 3,577 against the previous closing price of Rs. 3,598. It touched the intra-day low of Rs. 3,555

Sentiment weakened further due to the sluggish export demand as a result of the weak demand for the commodity.

EU-27 accounts to about 34 per cent of worlds RM seed production, others major producers are China (23 per cent), Canada (19 per cent), India (14 per cent), Australia (3 per cent), Ukraine (2 per cent). India produces 5.5 million MT to7 million MT annually.

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