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Castorseed prices rose in spot and futures markets as traders bought more on Wednesday.
August contract for castorseed on the National Commodity and Derivatives Exchange (NCDEX) increased by Rs 16.50 to Rs 4,950 a quintal with an open interest of 10,514 lots. September contract went up by Rs 71 to Rs 4,999 with an open interest of 10,060 lots. Spot castor was up Rs 56 to Rs 4,701.
August series of castorseed gained Rs 54.3 at Rs.4834.10 a quintal on the National Multi-Commodity Exchange of India at the end of the first session. September contract of castor traded at Rs 4,913 a quintal on the Rajkot Commodity Exchange. Spot castor increased by Rs 25 to Rs 4,640 a quintal. While 42,000-45,000 bags that arrived in Gujarat fetched Rs 930-950 for 20 kg, 1,400-1,500 bags that arrived in Saurashtra sold at Rs 880-921. Increased buying by consuming industries in physical markets encouraged traders to increase positions in futures, market analysts said.
Mr Harilal Chaganlal, a trader, said late sowing of castor as the monsoon was delayed in producing centres pushed up prices. Demand from millers and stockists may keep prices high in near future, he added.
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