Commodities

Castor perks up on industrial offtake

Our Correspondent Rajkot | Updated on September 28, 2011 Published on September 28, 2011

castor

New demand, especially from the industrial sector, lifted castor futures by 1.82 per cent on Wednesday, while demand at lower-end buoyed the oilseed in the spot market.

Castor for October delivery was up Rs 77.50 or 1.82 percent to Rs 4,332 a quintal on the National Commodity and Derivatives Exchange (NCDEX), with an open interest of 12,560 lots. November contracts rose by Rs 61.50 at Rs 4,220 a quintal on the exchange, with an open interest of 21,990 lots.

December contracts gained Rs 65 at Rs 4,093 a quintal on Rajkot Commodity Exchange. Spot castor increased by Rs 85 at Rs 4,109 a quintal on the exchange.

While 10,000-11,000 bags arrived in Gujarat and sold at Rs 800-820 for 20 kg, 800-900 bags arrived in Saurashtra and sold at Rs 760-801 for 20 kg.

Speculators have extended positions encouraged by demand from consuming industries and limited arrivals in local spot markets, said market sources. Higher overseas enquiries also lifted market sentiments, they said.

The gains will peter out soon as carryover stocks are high this year and sowing has doubled year-on-year, said a Rajkot based trader.

Published on September 28, 2011
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