Castorseed prices moved up for the third day on Wednesday on the back of heavy demand from mills and short supplies. On the other hand, prices in the futures market increased on Wednesday following speculative buying.

On the NCDEX, castorseed January contracts gained by Rs 47 to Rs 4,609 a quintal with an open interest of 40,190 lots. NCDEX most active February contracts increased by Rs 60 to Rs 4,634 with an open interest of 164,190 lots.

On the Rajkot Commodity Exchange, castorseed March contracts improved by Rs 83 to Rs 4,675 . Spot castorseed on RCX was up by Rs 167 at Rs 4,290.

According to market sources, low supply and high demand mainly held prices continuously in green zone for the past four trading sessions. Reports of lower production this year further influenced the sentiment.

About 25,000 bags of castor seed arrived in Gujarat and price was quoted Rs 859-869 for 20 kg. Around 4,400 bags arrived in Saurashtra and price stood at Rs 827-837.

However, castor oil was marginally down Rs 5 to Rs 890 for 10 kg.