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As market participants booked profits, castorseed futures declined on Wednesday. However, spot prices improved on fresh demand at the lower level and some export inquiries in castor oil.
On the National Commodity and Derivatives Exchange, castorseed August contracts slipped by ₹66 to ₹4,075 a quintal, with an open interest of 207,100 lots. September contracts traded weak by ₹60 at ₹4,198 a quintal, with an open interest of 111,660 lots.
According to traders, the price improved at the beginning of the day on good demand in spot trade but the uptrend was not sustained as market players started booking profits. On the Rajkot Commodity Exchange, castorseed September contract declined by ₹66 to ₹4,216 a quintal. RCX spot castor traded higher by ₹37.50 to ₹4,012.50 a quintal and castor oil increased by ₹10 to ₹835 for 10 kg.
About 25,000 bags of castorseed arrived in Gujarat and the price improved by ₹10 to ₹800-810 for 20 kg. Around 1,200-1,300 bags arrived in Saurashtra and the price went up by ₹5 to ₹775-785 for 20 kg.
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