Demand at lower prices lifted castor on Wednesday even as arrivals have reached over a lakh bags daily in Gujarat. Higher crop size this year will cap further gains in prices, said a trader here.
Castorseed's June contract was up Rs 9 to Rs 3,576 a quintal on the Rajkot Commodity Exchange. On the National Commodity and Derivatives Exchange, the April contract increased by Rs 11 to Rs 3,520 a quintal with an open interest of 13,230 lots, while May gained Rs 2 to Rs 3,574 with an open interest of 8,230 lots.
About 1.1 lakh bags of castorseed arrived in Gujarat and sold at Rs 665-675 for 20 kg, including around 13,000-14,000 bags in Saurashtra that quoted at Rs 640-675.
According to market sources, prices increased on Wednesday as in the past few days castor had declined on higher arrival and profit booking. But after that, demand has risen at the lower level.