Mustard seed prices drifted lower by Rs 39 to Rs 3,721 per quintal in futures trading today following cutting down of positions by the speculators, driven by weak spot markets.
Market players said subdued trend in spot markets, where prices declined on sustained supplies from growing regions amid feeble demand from oil mills mainly discouraged the traders, which caused the downfall in prices in futures trading.
At the National Commodity and Derivatives Exchange, mustard seed for August delivery weakened by Rs 39, or 1.04 per cent, to Rs 3,721 per quintal, clocking an open interest of 3,670 lots.
Most traded contract of June also edged down by Rs 28, or 0.77 per cent, to Rs 3,620 per quintal, with a business turnover of 66,220 open lots.
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