Mustard seed futures drop on sluggish demand

New Delhi, Mar 16 () Mustard seed prices on Monday dropped by Rs 16 to Rs 3,888 per quintal in futures trade as participants reduced their holdings on sluggish demand.

On the National Commodity and Derivatives Exchange, mustard seed contracts for April delivery fell by Rs 16, or 0.41 per cent, to Rs 3,888 per quintal in a business turnover of 16,590 lots.

Mustard seed contracts for May delivery also declined by Rs 17, or 0.44 per cent, to Rs 3,887 per quintal in a business turnover of 10,850 lots.

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