Mustardseed futures up on firm spot cues

Mustardseed prices strengthened by Rs 6.40, or 1.16 per cent, to Rs 559.40 per 20 kg in futures trade today, as speculators increased their positions, driven by pick up in demand in physical markets.

Marketmen said increased offtake by mustard oil and other edible oil making industries against short supply from growing regions mainly pushed up mustardseed futures prices.  

At the National Commodity and Derivatives Exchange counter, mustardseed prices for December contract grew by Rs 6.40, or 1.16 per cent, to Rs 559.40 per 20 kg, with an open interest of 13,390 lots. 

October month delivery too moved up in line with other contract by Rs 4.25, or 0.78 per cent, to Rs 547.40 per 20 kg, with an open interest of 1,23,190 lots.