Mustard seed futures slide on rising stockpiles

Mustard seed prices fell by Rs 71 to Rs 4,168 per quintal in futures trade today as investors reduced holdings amid weak cues from the spot market.
Market players said commencing fresh arrivals of new crops into the markets from producing belts created ample ready stocks amidst slow down in offtake by oil mills in spot markets discouraged traders, which led to fall in mustard seed futures prices.
At the National Commodity and Derivative Exchange, mustard seed delivery for April contract slipped by Rs 71, or 1.67 per cent, to Rs 4,168 per quintal with an open interest of 37,780 lots.