Mustard seed futures drop on weak spot cues

Mustard seed prices slipped Rs 17 to Rs 3,996 per quintal in futures trade today on reduction of bets, weighed down by sluggish physical market demand.

Marketmen attributed the fall to continuous arrivals from the commodity-growing regions, hurt by lower demand from oil mills in spot markets.

At the National Commodity and Derivative Exchange, mustard seed delivery for the most-traded January contract dropped Rs 17, or 0.42 per cent, to Rs 3,996 per quintal, with an open interest of 39,770 lots.

Similarly, the delivery for April contract eased Rs 3, or 0.07 per cent, to Rs 4,171 per quintal, with an open interest of 23,990 lots.