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Castorseed prices dropped on aggressive selling by speculators due to rising stocks and sluggish demand in the physical markets.
On the National Commodity and Derivatives Exchange, castor June contracts declined by Rs 85.50 to Rs 4,684 a quintal, with an open interest of 9,460 lots. July contracts decreased by Rs 118 or 2.45 per cent to Rs 4,693 with an open interest of 6,900 lots.
On the Rajkot Commodity Exchange, June castorseed contracts came down by Rs 78 to Rs 4,499 a quintal. Similarly, September contracts closed at Rs 4,642, down Rs 76 from its previous close of Rs 4,718 a quintal. Spot castorseed dipped by Rs 100 to Rs 4,415 a quintal.
On the Ahmedabad Commodity Exchange, castor for June delivery decreased by Rs 66.50 to Rs 4,703 with an open interest of 243 lots. July contract declined by Rs 96 to Rs 4,710 with an open interest of 46 lots. Spot castor plunged to Rs 4,498.50 from Rs 4,610 a quintal.
Analysts said all-round selling by traders influenced castorseed futures. Castorseed is likely to continue falling till prices hit Rs 4,500 a quintal in the short-term due to selling on the NCDEX.
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