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Mustard Seed prices closed lower by 0.68 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 April 2016 contract closed at Rs. 3,923 per quintal, down by 0.68 per cent, after opening at Rs. 3,950 against the previous closing price of Rs. 3,950.
It touched the intra-day low of Rs. 3,916. 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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Natural Gas futures advanced almost 2 per cent in the domestic market on Tuesday tracking a rally in the energy commodity internationally as forecasts for cooler weather across the eastern parts of the US next week raised hopes of a pickup in gas-fired heating demand in the world’s biggest fuel consuming nation.
About 49 per cent of US households use natural gas for heating purposes. November to March is the peak US gas heating season. The focus now shifts to the EIA’s US storage report due on Thursday which will offer further cues over the state of demand for the fuel in the country. Inventories had declined by 43 billion cubic feet in the same week last year, while the five-year average change for the week is a withdrawal of 71 billion cubic feet.
At the MCX, Natural Gas futures for March 2016 contract closed at Rs 125.3 per mmBtu, up by 1.95 per cent, after opening at Rs 122.5, against the previous closing price of Rs 122.9. It touched an intra-day high of Rs 128.
World oil prices fell further today on doubts over a consensus between producer nations to limit output in an oversupplied market, dealers said.
At around 1700 GMT (2230 IST), US benchmark West Texas Intermediate (WTI) for delivery in April dived USD 1.71 to USD 36.79 per barrel.
Brent North Sea crude for May delivery sank USD 01.27 to USD 39.12 a barrel compared with Friday's close. Oil had rallied Friday after the International Energy Agency said that after the market's 20-month long rout, there were signs prices may have "bottomed out".
However, prices hit reverse gear today after Iran reportedly announced over the weekend that it would not join a proposed output freeze by crude producers.