Mustard seed futures decline on soft demand

Mustard seed prices on Wednesday dropped by Rs 30 to Rs 4,077 per quintal in futures trade as speculators cut down their positions on subdued demand.

On the National Commodity and Derivatives Exchange, mustard seed contracts for February delivery fell by Rs 30, or 0.73 per cent, to Rs 4,077 per quintal in a business turnover of 10,410 lots.

Mustard seed contracts for April delivery also declined by Rs 8, or 0.19 per cent, to Rs 4,096 per quintal in a business turnover of 15,600 lots.

Marketmen said offloading of positions by participants following a weak trend in spot market mainly led to fall in mustard seed prices.