Mustard seed futures weaken on muted spot demand

Mustard seed prices came down by Rs 31 to Rs 3,674 per quintal in futures trade today after speculators cut down their exposure in sync with weak demand in spot markets.
Market players said offloading of bets by participants in tandem with a weak trend at the spot markets on fall in demand from oil mills amid increased supplies from growing regions, mainly weighed on mustard seed prices here in futures trade.
At the National Commodity and Derivative Exchange, mustardseed for the most-active, delivery in August contracts dipped by Rs 31 or 0.84 per cent to Rs 3,674 per quintal, clocking an open interest of 60,330 lots.

Mustard seed for July contracts too was trading lower by Rs 15 or 0.41 per cent to Rs 3,655 per quintal, with the business turnover of 5,800 open lots.