Mustard seed prices dropped by Rs 40 to Rs 3,960 per quintal in futures trade today as traders cut down holdings, tracking a weak trend at the physical markets lead.
Marketmen said subdued trend at the spot markets due to soaring stocks on persistent arrivals from growing regions against muted demand from oil mills, pulled down mustard seed futures prices.
Besides, considerable fall in mustard cake demand from cattle-feed industries due to cheaper availability of other alternates too put pressure on prices, they added.
At the National Commodity and Derivatives Exchange, mustard seed delivery for September was trading lower by Rs 40 or 1.00 per cent to Rs 3,960 per quintal, having a business turnover of 88,670 open lots.
Likewise, the delivery in October dropped by Rs 33 or 0.81 per cent to Rs 4,041 per quintal, with an open interest of 35,810 lots.
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