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Castorseed futures dropped on Wednesday following profit booking by traders. However, spot prices gained marginally on hopes of some fresh buying emerging in coming days.
On the Rajkot Commodity Exchange (RCX) castorseed December contract decreased ₹14 to ₹4,669 a quintal. RCX spot castorseed gained ₹25 at ₹4,375. Castor oil was unchanged at ₹885 for 10 kg.
On National Commodity and Derivatives Exchange, castorseed December contract declined ₹12 to ₹4,775, with an open interest of 290,680 lots. NCDEX January contract was down by ₹8 to ₹4,848, with an open interest of 117,230 lots.
A Rajkot-based trader said expectation of fresh export demand limited the losses in the futures market. About 30,000-32,000 bags of castorseed arrived in Gujarat and prices increased by ₹5 to ₹885-895 for a maund of 20 kg. Around 2,000-2,100 bags arrived in Saurashtra and prices were up ₹5 at ₹835-845.
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