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Castorseed prices on Tuesday increased slightly as fresh demand was seen in the market. However, spot market rates remained unchanged.
On the Rajkot Commodity Exchange (RCX), castor March contract increased Rs 19 to Rs 4,708 a quintal. RCX June contract gained by Rs 10 to Rs 4,612 a quintal. On the Ahmedabad Commodity Exchange (ACE) castor March came up by Rs 28 to Rs 5,086. However, the ACE April contract decreased Rs 26 to Rs 4,732.50 per 100 kg.
On National Commodity and Derivatives Exchange, castor for March delivery increased Rs 66 to Rs 5,115 a quintal with an open interest of 4,500 lots. April contract reduced by Rs 8.50 to Rs 4,744.50 with an open interest of 9,850 lots.
Spot price remained unchanged at Rs 4,690 on the RCX. About 65,000-70,000 bags of 55 kg arrived in Gujarat and the price was Rs 940-970 for 20 kg. In Saurashtra, around 3,500 bags arrived and price was Rs 925-976 for 20 kg.
Market analysts said lower stocks position against a pick in demand at prevailing lower levels amid firm global trends, mainly pushed up castor seed futures.
An RCX trader, Mr Harilal Patel, said, “Today the market increased as traders were buying at a lower level. But as Holi festival is coming, there will not be a huge demand.”
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