Higher arrivals and lower demand from industries, like paints and lubricants, and exporters dragged castor down on Wednesday. Spot demand has been low since new crop arrivals begun two weeks ago and this trend is likely to continue, said a Rajkot-based trader.
Castorseed's January contract on the National Commodity and Derivatives Exchange decreased by Rs 4.50 to Rs 4,085 a quintal with an open interest of 4,630 lots while the February contract was down Rs 18.50 to Rs 3,876 with an open interest of 5,020 lots.
On the Rajkot Commodity Exchange, castor's March contract declined to to Rs 3,689 a quintal (Rs 3,696), while spot castor dropped by Rs 25 to Rs 3,837.50 a quintal.
About 24,000-25,000 bags (20,000-21,000) of castor arrived in Gujarat and quoted Rs 10 down at Rs 760-768 for 20 kg.