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Castor seed price was moved up on the back of good demand from crushers. Moreover, decline in arrival also lifted up the price in spot. Following the physical market, short covering by the market participants pushed up the price in futures.
Castor seeds bold and castor oil commercial prices climbed owing to consistent demand from shippers and soap manufacturers.
About 39,000-40,000 bags of castor were arrived in Gujarat and price gone up by Rs 15 to Rs 585-595 per 20 kg. About 1,200-1,300 bags arrived in Saurashtra and price increased Rs 5 to Rs 580-590 per 20 kg. Castor oil was gained Rs 20 to Rs 605 per 10 kg.
At the Rajkot Commodity Exchange (RCX) castor March contract was increased Rs 72 to Rs 2,999 per quintal. RCX June contract was traded up by Rs 71 to Rs 3,117 per 100 kg. RCX spot castor moved up by Rs 50 to Rs 2,987.50 per quintal.
Market expert said that, market participants started covering on expectation of continues rise in demand which mainly pushed up price in futures market.
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