Commodities

Castor futures fall on profit-booking

Our Correspondent Rajkot | Updated on April 13, 2011

CASTOROIL



As speculators and traders booked profits, castor futures declined.

Lower demand and high arrivals put pressure on spot prices. Overall, the market sentiment supported the downtrend.

On the Rajkot Commodity Exchange (RCX), castor June contracts decreased Rs 149 to Rs 5,049 from previous day close of Rs 5,198 a quintal. Spot price was down by Rs 170 from Rs 4,990 to Rs 4,820 a quintal.

On the National Commodity and Derivatives Exchange (NCDEX), castor for April delivery dropped Rs 147.50 or 2.82 per cent to Rs 5,080 with an open interest of 2,740 lots. Similarly NCDEX May contract dropped Rs 126 to Rs 5,079 with an open interest of 6,740 lots.

On the Ahmedabad Commodity Exchange (ACE), castor April contract slid Rs 121.50 to Rs 5,110 and May contract declined Rs 117 to Rs 5,079 for 100 kg. ACE spot castor traded at Rs 5,050.50, down by Rs 105.50 from previous close of Rs 5,156 a quintal. A senior member of the RCX, Mr Haribhai Patel, said: “ Arrivals in Gujarat are a record and demand is poor so prices have dropped. For now, there is no chance for price rise in castor.”

About 1.10 lakh bags, of 55 kg, arrived in Gujarat and the price was Rs 4,900-5,000 for 100 kg.

Published on April 13, 2011

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