Indian rapeseed futures hit nine-month low

02 Feb, 2016

Indian rapeseed futures closed marginally higher on Monday due to short-covering, after falling to a nine-month low earlier in the session on expectations of a bumper crop. The key April rapeseed contract on the National Commodity & Derivatives Exchange ended 0.13 percent higher at 3,834 rupees ($56.50) per 100 kg. Earlier in the session, it fell to a low of 3,787 rupees, its lowest level since April 29, 2015.
India's mustard output is seen rising for the first time in three years and top producing Rajasthan state could grow 3.5 million tonnes of the winter oilseed this season. The February soyaabean contract gained 0.70 percent to close at 3,752 rupees per 100 kg. Traders said short-covering supported prices.
February soyaaoil futures were 0.62 percent higher at 615.75 rupees per 10 kg at 1235 GMT due to lower supplies.

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