Mustardseed futures fall as speculators trim position

Mustardseed prices drifted lower by Rs 70 to Rs 5,156 per quintal in futures trading today as participants reduced their exposure amid a weak trend at the spot markets on higher supplies.
At the National Commodity and Derivative Exchange, mustardseed for delivery in far-month December contracts was trading lower by Rs 70 or 1.34 per cent at Rs 5,156 per quintal, with an open interest 20 lots.
Also, the most-active delivery in September lost Rs 41 or 0.82 per cent to Rs 4,956 per quintal, with an open interest of 61,620 lots, while delivery in August contracts fell by Rs 39 or 0.79 per cent to Rs 4,882 per quintal and business turnover of 5r1,290 open lots.

Marketmen said the fall in mustardseed prices at futures trade was mostly attributed to offloading of position by speculators, tracking a weak trend at the physical market due to higher supplies.