Mustard seed futures resume higher on short covering

Mustard seed prices recovered by Rs 7 to Rs 3,965 per quintal in futures trade today after participants created fresh positions at prevailing levels, tracking a firm trend at the physical markets.

Marketmen said building up fresh positions following a positive trend at the spot markets on rising demand from oil mills amid a pause in supplies, mainly influenced mustard seed prices at futures market.

At the National Commodity and Derivatives Exchange, mustard seed for July contracts increased by Rs 7 or 0.18 per cent to Rs 3,965 per quintal, having an open interest of 80,980 lots.

Also, the contracts for this month gained Rs 6 or 0.15 per cent to Rs 3,921 per quintal, depicting an open interest of 83,120 lots.