Mustard seed futures drop on physical sentiments

Mustard seed prices went down by Rs 17 to Rs 3,948 per quintal in futures trade today after liquidating of holdings by the speculators in line with down beat physical sentiments.

Market players said traders were off loading their positions, tracking weak physical markets, which reflected the downturn in mustard seed futures prices.

In spot market, slackness in demand for oil mills amid gearing up in supplies from producing regions mainly kept the prices lower, they quoted.

At the National Commodity and Derivatives Exchange platform, mustard seed delivery for the most traded May slipped by Rs 17 or 0.43 per cent to Rs 3,948 per quintal, with the business turnover of 1,20,590 open lots.

In a similar manner, the delivery of the immediate contract April eased by Rs 10 or 0.25 per cent to Rs 3,920 per quintal, clocking an open interest of 7,500 lots.