Castorseed futures gain on value buying

Our Correspondent Rajkot | Updated on September 25, 2013


After four days of continuous fall, castorseed futures gained on Wednesday as investors indulged in value buying.

Spot prices, however, decreased as recent rains have raised hopes of higher sowing of the crop that is grown during the rabi season.

On the National Commodity and Derivatives Exchange, October contracts increased by Rs 35 to Rs 3,474 a quintal with an open interest of 1,25,890 lots.

November contracts gained by Rs 41 at Rs 3,579, with an open interest of 44,910 lots.

On the Rajkot Commodity Exchange, December contracts increased by Rs 44 to Rs 3,714. RCX spot castor declined by Rs 37.50 to Rs 3,410 a quintal.

Castor oil traded flat at Rs 720 for 10 kg.

About 15,000-16,000 bags of castor arrived in Gujarat. Prices ruled between Rs 685 and Rs 692 for a maund of 20 kg. About 2,800-2,900 bags arrived in Saurashtra and they were traded at Rs 645-665 a maund.

Castor arrivals have decreased during the last couple of days due to heavy rains across Gujarat.

Traders said that export demand in castor oil is limited. Moreover, domestic buying is also slow in the spot market.

So, prices have been dropping over the last four days.

However, some demand has seen at the lower level pulling up the futures market.

Published on September 25, 2013

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