Mustardseed futures plunge on special margins

NEW DELHI: Mustard seed prices tumbled by Rs 109 to Rs 3,936 per quintal in futures trading today on reduced offtake by speculators after imposition of special margins by the authorities.

Marketmen said imposition of 10 per cent special margins on long positions to curb unwanted volatility advised speculators to remain on sidelines.

At the National Commodity and Derivatives Exchange, mustardseed prices for July delivery fell by Rs 109, or 2.69 per cent, to Rs 3,936 per quintal, with an open interest of 22,300 lots.

The prices for delivery in May plummeted by Rs 101, or 2.57 per cent, to Rs 3,823 per quintal, revealing an open interest of 2,08,760 lots.

Likewise, for delivery in April, the prices lost Rs 96, or 2.50 per cent, to Rs 3,749 per quintal, with an open interest of 1,37,260 lots.