Mustardseed futures marginally up on fresh buying

Mustardseed futures prices showed a marginal rise of Rs 1.05 to Rs 565.80 per 20 kg today on fresh buying by traders influenced by rising demand in spot markets.

Marketmen said rising demand among vanaspati mills for the upcoming festival Diwali, mainly kept mustardseed prices higher.

However, ample supply from growing regions and adequate stock position in the spot markets, somewhat checked the surge and reduced the gains.

Generally, the demand for mustard oil picks up during the festival for use in lighting of diyas, amid fresh buying by vanaspati mills.

At National Commodity and Derivatives Exchange counter, mustardseed for November delivery moved up by Rs 1.05, or 0.19 per cent to Rs 565.80 per 20 kg, clocking an open interest of 1,30,250 lots.

The December-month contract followed suit and went up by paise 0.25, or 0.04 per cent to Rs 573.10 per quintal, depcting an open interest of 69,770 lots.