Mustard seed futures drop on tepid demand

Mustard seed prices on Wednesday dropped by Rs 41 to Rs 4,232 per quintal in futures trade as speculators cut down their positions on subdued demand.

On the National Commodity and Derivatives Exchange, mustard seed contracts for February delivery fell by Rs 41, or 0.96 per cent, to Rs 4,232 per quintal in a business turnover of 12,080 lots.

Mustard seed contracts for April delivery also declined by Rs 39, or 0.91 per cent, to Rs 4,265 per quintal in a business turnover of 11,740 lots.

Marketmen said offloading of positions by participants following a weak trend in spot market mainly led to fall in mustard seed prices. PTI