Mustard seed futures drop on low demand

New Delhi, Feb 6 () Mustard seed prices on Thursday dropped by Rs 50 to Rs 4,038 per quintal in futures trade as speculators cut down their positions on subdued demand.

On the National Commodity and Derivatives Exchange, mustard seed contracts for February delivery fell by Rs 50, or 1.22 per cent, to Rs 4,038 per quintal in a business turnover of 8,930 lots.

Mustard seed contracts for April delivery also declined by Rs 33, or 0.80 per cent, to Rs 4,091 per quintal in a business turnover of 15,370 lots.

Marketmen said offloading of positions by participants following a weak trend in spot market mainly led to fall in mustard seed prices. VHP SHWSHW