Mustardseed prices plunged by Rs 63 to Rs 2,875 per quintal in futures trading today on weak spot markets sentiment.
Market analysts said increased supply against fall in demand at physical markets, mainly influenced trading sentiments at here, pulling down mustardseed futures prices.
Reduced off-take by oil mills and vanaspati ghee-making industries also put pressure on mustardseed futures prices, they said.
At the National Commodity and Derivatives Exchange, mustardseed prices for delivery in August plummeted by Rs 63, or 2.14%, to Rs 2,875 per quintal, with an open interest 30 lots.
Mustardseed prices for delivery in May slipped by Rs 34, or 1.23%, to Rs 2,725 per quintal, with an open interest of 1,72,780 lots.
Likewise, prices for delivery in April eased by Rs 29, or 1.07%, to Rs 2,673 per quintal, with an open interest of 76,070 lots.