Carrying forward their strong undertone, castorseed futures for the far month contracts almost hit the upper ceiling on the NCDEX, rising by 3.78 per cent in early trading on Thursday.

Castorseed futures had hit their maximum permissible limit on the NCDEX on Wednesday also.

Concern over the deficit monsoon and export demand along with industrial demand supported the uptrend.

Scanty rain in Gujarat, which accounts for 79 per cent of the total output, has raised concern about the crop for the coming oilseeds year beginning November.

In a normal year, the area under castorseed is 7.40 lakh hectares. There are fears that the acreage could fall by 10 per cent on the deficient monsoon this year.

The August contract was up Rs 73 at Rs 4,467 for a quintal, while the September contract increased by Rs 75 to quote at Rs 4,658. The October contract was up Rs 84 at Rs 4,756 and the November contract was up Rs 176 at Rs 4,838.

Spot castor prices on Wednesday were at Rs 750-Rs 765 for a maund of 20 kg in Rajkot, Gujarat.

(This article was published on August 2, 2012)
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