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Castor futures on Rajkot Commodity Exchange hit the upper circuit for the straight second day and touched a new high of Rs 5,057 a quintal on Tuesday.
RCX March contract increased Rs 126 to Rs 5,057 a quintal as there was short supply. At the National Commodity and Derivatives Exchange (NCDEX) castor seed February contract increased Rs 31.50 to Rs 5,403 a quintal with an open interest of 5,420 lots. The NCDEX February future prices have gained almost Rs 500 a quintal in the last one week.
According to analysts, castor seed is likely to continue its gain till it touches Rs 5,500 a quintal in short-term on NCDEX, as it is moving fast to upside. Strong overseas demand as well as strong buying sentiments in the domestic market are likely to push prices up.
production
According to market sources, daily arrivals of castor seed were at 60,000-70,000 bags , down almost 13 per cent from the last year in the same period. This was mainly due to restricted supply from Gujarat. Most areas of Gujarat have reported late harvesting of castor seed because of the unfavourable weather during December -January. However, the production of castor seed crop will reach to 11-11.50 lakh tonnes, up 10-15 per cent from the last year due to predictably strong gains in Rajasthan.
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