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Mustardseed prices declined by Rs 39 to Rs 2,834 a quintal in futures trading on Monday following increased selling by traders, driven by weak spot market cues.
Market analysts said increased supply along with reduced offtake in the physical market mainly influenced the trading sentiment in the futures market here. Also, trading sentiments turned weak on reports of good crop production this year.
At the National Commodity and Derivatives Exchange, mustardseed for delivery in April dropped by Rs 39, or 1.36 per cent, to Rs 2,834 a quintal, with an open interest of 67,390 lots.
Similarly, prices for delivery in May fell by Rs 36, or 1.24 per cent, to Rs 2,876 a quintal, with an open interest of 1,05,360 lots.
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