Mustardseed futures extend weakness

Mustardseed futures continued its slide with prices falling by another Rs 117 to Rs 4,875 per quintal today as speculators in indulged in trimming position amid weak trend at the spot markets.
At the National Commodity and Derivative Exchange, mustardseed for delivery in far-month December was trading lower by Rs 117, or 2.34 per cent to Rs 4,875 per quintal, having an open interest of 130 lots.
On similar lines, silver for delivery in most-active September contracts fell by Rs 38, or 0.81 per cent at Rs 4,680 per quintal, with a business turnover of 74,100 open lots.
Marketmen said the fall in mustardseed prices at futures trade was mostly due to offloading of positions by speculators triggered by a weak trend at the spot markets on persistent arrivals from growing belts.

Besides, lower demand of mustard cake from animal feed industries too weighed prices, they added.