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Strong domestic demand and higher than expected export demand boosted the castor market. Castorseed prices in both futures and spot market increased.
On the Rajkot Commodity Exchange (RCX), castor June contracts gained Rs 41 to Rs 4,818 a quintal from the previous day's close. RCX spot castor price went up by Rs 12.50 to Rs 4,627.50 a quintal.
On the National Commodity and Derivatives Exchange, castor contracts for May delivery increased Rs 23.50 to Rs 4,891 with an open interest of 6,010 lots and June contract improved by Rs 49 to Rs 4,944 with an open interest of 8,750 lots.
Chinese, Russian demand
On Ahmedabad Commodity Exchange, castor May future increased Rs 48.50 to Rs 4,902 and June contract rose Rs 60 to Rs 4,944 a quintal.
About 60,000-70,000 bags of 55 kg each arrived in Gujarat and price was Rs 925-955 for 20 kg. In Saurashtra, around 10,000-11,000 bags arrived and price was Rs 880-921.
An RCX senior member said: “Local demand is very strong. Moreover expected export demand in coming days, especially from China and Russia, is giving strength to the market.” According to him, in the coming days, price may increase.
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