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Mustard seed futures spurt on spot sentiment

Buoyed by a bullish trend at the spot markets on the back of increased demand from oil mills, mustard seed prices rallied by Rs 62 to Rs 3,980 per quintal in futures trade today as traders enlarged their holdings.

Marketmen attributed the upward trend to a strong trend at the spot markets following brisk demand from oil mills amid restricted supplies.

At the National Commodity and Derivatives Exchange, mustard seed contract for May was trading notably higher by Rs 62 or 1.58 per cent to Rs 3,980 per quintal, with an open interest of 650 lots.

Also, the most-traded, contracts for June strengthened by Rs 18 or 0.46 per cent to Rs 3,974 per quintal, with a business turnover of 1,10,460 lots.