Mustardseed rises in futures trade on spot demand

Mustardseed prices were up by Rs 10 to Rs 3,698 per quintal in futures trading today as speculators enlarged positions driven by a firming trend in the spot markets.
At the National Commodity and Derivatives Exchange, mustardseed for delivery in November month contracts improved by Rs 10, or 0.27 per cent, to Rs 3,698 per quintal, persisting an open interest of 30,960 lots.
On similar lines, most-active October month contracts gained Rs 8, or 0.22 per cent, to Rs 3,656 per quintal, in an open interest of 35,070 lots.
Marketmen said pick up in demand from oil makers due to coming festival season in spot markets mainly led to the rise in mustardseed prices at futures trade.

Besides, restricted supplies from growing region too supported the upside, they said.