Higher demand from exporters lifted castorseed on Wednesday even as arrival rose. Moreover, stockists have also started placing orders.
On the National Commodity and Derivatives Exchange, castorseed March contracts gained Rs 63 at Rs 3,644 a quintal with an open interest of 126,650 lots, while April contracts were up Rs 68 at Rs 3,719 with an open interest of 36,350 lots.
On the Rajkot Commodity Exchange, the March contract increased by Rs 48 to Rs 3,734, while it gained Rs 25 at Rs 3,545 in the spot market.
In Gujarat, 52,000-55,000 bags arrived quoted at Rs 700-710 for a maund of 20 kg, while 3,400-3,500 bags arrived in Saurashtra and quoted at Rs 680-705.
A Rajkot-based castorseed trader said, “Since the last couple of days, arrival has gained but export demand has also gone up. Castor increased on expected higher export demand and it may go up further.”
Traders estimate production this year at 13-14 lakh tonnes with a carryover stock of 5-6 lakh tonnes.