Castorseed futures rise despite limited buying

Our Correspondent Rajkot | Updated on January 16, 2014

Castorseed futures rose despite limited buying by market participants, while spot castorseed dropped due to poor demand.

On the Rajkot Commodity Exchange, castorseed March contracts increased by Rs 41 to Rs 4,362/quintal. RCX spot castorseed declined by Rs 55 to Rs 4,090/quintal.

On the National Commodity and Derivatives Exchange , castorseed January contracts moved up by Rs 63 to Rs 4,365 , with an open interest of 10,850 lots. NCDEX February contracts gained by Rs 67 at Rs 4,428 , with an open interest of 185,090 lots.

About 12,000-13,000 bags of castorseed arrived in Gujarat and prices fell by Rs 10 to Rs 825-840/20 kg.

Around 3,000-3,100 bags arrived in Saurashtra and prices declined by Rs 10 to Rs 760-805/20 kg.

A Rajkot-based commodity trader said that prices in the futures market increased despite interest being lower.

The rise could be attributed to value buying after prices dropped on Monday.

Moreover, expectation of a drop in production supported the price higher.

Spot price decreased as demand was poor in castor oil. However, castor oil price remained unchanged at Rs 855/10 kg.

Published on January 16, 2014

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