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Spot and futures prices rose Rs 150 a quintal as arrivals dropped after of Holi .
At the Rajkot Commodity Exchange (RCX), castor June contract increased by Rs 152 to Rs 5,015 from Rs 4863 a quintal. RCX spot price also gained Rs 50 to Rs 4,915 a quintal.
At the Ahmedabad Commodity Exchange (ACE), castor for April delivery was up by Rs 73.50 to Rs 5,041.50 and May contract increased by Rs 86.50 from Rs 4,932.50 to Rs 5,019 a quintal. ACE castor spot price gained Rs 39 to Rs 5,043.50 a quintal.
At the National Commodity and Derivatives Exchange (NCDEX), castor April contract was up by Rs 82.50 to Rs 5,035, with an open interest of 9,140 lots. NCDEX May contract increased by Rs 112 to Rs 5,022 a quintal with an open interest of 3,750 lots.
Arrivals fell to 20,000 bags a day from around 60,000 bags before Holi in Gujarat, quoting at Rs 975-995 for 20 kg. About 2,600 bags arrived in Saurashtra at Rs 980-1,020.
Mr Harilal Patel, an RCX senior member and former president, said, “Arrival has come down suddenly due to Holi . About 50,000 tonnes of castor seed oil will be shipped in April, so demand for crushing is increasing. It will support prices in the coming days.”
Analysts said apart from low-level buying, rise in demand from consuming industries against restricted supply in domestic markets, encouraged traders to extend positions.
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