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Castor futures and spot prices dropped on higher arrivals and profit-booking.
On the Rajkot Commodity Exchange (RCX), March contract decreased by Rs 140 to Rs 4,528a quintal. June contracts declined by Rs 138 to Rs 4,472.
RCX spot price dropped Rs 200 to Rs 4,665 a quintal.
About 80,000-85,000 bags (55 kg each) arrived in Gujarat, and sold at Rs 920-950.
In Saurashtra, 3,000 bags arrived, and fetched Rs 940-960 for 20 kg.
On the National Commodity and Derivatives Exchange, castor for March delivery dropped by Rs 148 to Rs 4,636 with an open interest of 7,060 lots. April delivery contract decreased by Rs 170.5 to Rs 4,500 with an open interest of 6,440 lots.
An RCX trader said:“Supply is good and it will continue to drag down castor. Exporters are also waiting for a fall in prices.”
According to analysts, surplus production is putting pressure on prices. Estimated total production of castor seeds in the country for 2010-11 is 11.9 lakh tonnes, an increase of 22 per cent compared to last year.
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