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Castor prices rose on new buying and export demand on Wednesday.
August contract of castorseed on the National Commodity and Derivatives Exchange was up Rs 58.50 to Rs 5,265 a quintal, with an open interest of 12,000 lots. September contract gained Rs 53.50 at Rs 5,330, with an open interest of 12,120 lots. Spot castor increased to Rs 5,095.30 from Rs 5,040.95 a quintal.
August contract of castor on Ahmedabad Commodity Exchange rose by Rs 60 to Rs 5,265 a quintal, with an open interest of 347 lots. September contract gained Rs 58.50 at Rs 5,335, with an open interest of 30 lots.
September contract of castor on Rajkot Commodity Exchange increased by Rs 80 at Rs 5,305 a quintal. It gained Rs 45 at Rs 4972.50 a quintal in the spot market.
While the 25,000-30,000 bags that arrived in Gujarat quoted at Rs 990-1,010 for 20 kg, 1,400-1,500 bags that arrived in Saurashtra fetched Rs 950-996.
Traders increased positions in the futures market as demand from consuming industries rose in the physical market, market analysts said.
According to latest data from the Solvent Extractors' Association of India , sowing acreage of castorseed rose by almost 33 per cent to 3.72 lakh hectares as on July 28 on higher sowing in Andhra Pradesh and Rajasthan.
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