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On the back of increasing spot demand against restricted supply, castor spot and futures market increased on Wednesday.
On the National Commodity and Derivatives Exchange (NCDEX), castor seed June contract was up Rs 61 at Rs 4,700 a quintal with an open interest of 6,560 lots. NCDEX July contracts increased by Rs 65.50 to Rs 4,701, with an open interest of 3,630 lots. NCDEX spot castorseed ruled at Rs 4,518.60 a quintal.
On ACE, castor for July delivery went up by Rs 70.50 or 1.52 per cent to Rs 4,704 with an open interest of 47 lots. ACE spot castor increased Rs 18.50 to Rs 4,516 for 100 kg.
At Rajkot Commodity Exchange (RCX), castor September contract increased Rs 63 to Rs 4,658 for 100 kg and RCX spot increased Rs 120 to Rs 4,485 from Rs 4,365.
About 60, 000-70, 000 bags arrived in Gujarat and price was Rs 870-910 for 20 kg, while in Saurashtra region around 2,500-2,600 bags arrived and price was Rs 870-906 for 20 kg. During the first half of the month around 80,000-85,000 bags of castor seed arrived in Gujarat.
Market analysts said strong demand in the physical markets against restricted supplies, influenced castor seed futures prices.
Moreover according to traders from Rajkot, delay in monsoon at the production areas will also support the price increase.
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