Poor demand pulled down castorseed prices in the spot market.
On the back of spot, castorseed futures prices also declined 2.92 per cent as market participants booked profits.
On the National Commodity and Derivatives Exchange (NCDEX), castor December contract decreased Rs 103 to Rs 3,516 a quintal, with an open interest of 1,16,590 lots.
NCDEX January castor contract moved down Rs 108 or 2.92 per cent to 3,586, with an open interest of 22,090 lots.
onthe Rajkot Commodity Exchange (RCX), castor December contract declined Rs 81 to Rs 3,597.
RCX spot castor was traded at Rs 3,465.
About 16,000-17,000 bags of castor seeds arrived in Gujarat at Rs 685-697 for 20 kg. Around 1,800-1,900 bags arrived in Saurashtra and was quoted at Rs 680-690/20 kg.
A Rajkot based castor trader said: “At present, demand in castor is a bit weak and the prices were declining.”
According to Kedia Commodity report, despite the area under castor seed declined this kharif season, industry experts expect supplies to be normal on high carryover stocks.
According to industry sources, farmers already have a carryover stock of about four lakh tonnes, which is expected to offset the possible decline in production this year.