Mustard seed futures prices shot up by Rs 109 ($2.22, €1.68, £1.42) to Rs 3,700 ($75.30, €56.91, £48.05) per quintal today tracking a firm spot markets sentiment. Marketmen said stockist and retailers remained active buyers in the spot markets, advising speculators to increase their positions in futures.
They said reports of lower production estimate this season as compared to last year, further fuelled the trading sentiment in mustard seed futures. Better off-take by oil mills and vanaspati ghee (hydrogenated butter) making industries also supported the prices, they said.
At the National Commodity and Derivatives Exchange, the July contract for mustardseed rose by Rs 109 ($2.22, €1.68, £1.42), or 3.04%, to Rs 3,700 ($75.30, €56.91, £48.05) per quintal, clocking an open interest 6,270 lots. The April contract gained Rs 77 ($1.57, €1.18, £1.00), or 2.21%, to Rs 3,568 ($72.61, €54.88, £46.33) per quintal, having an open interest of 2,12,780 lots.