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Castor seed moved up in futures as well as in spot market on the back of increasing demand on Wednesday.
A Rajkot-based castor trader said, “Strong export demand of castor oilseed cake also supported the prices.”
On the Rajkot Commodity Exchange (RCX) castor for December delivery gained Rs 45 to Rs 3,886 a quintal.
RCX spot castor was up by Rs 60 to Rs 3,582.50.
On the National Commodity and Derivatives Exchange castor November contract increased Rs 36 to Rs 3,707 with an open interest of 100,480 lots while December series gained Rs 43 to Rs 3,775, with an open interest of 33,410 lots.
All the four ruling contracts remained in green zone on brisk buying support.
About 11,000-12,000 bags castor seed arrived in Gujarat and price stood at Rs 710-720 for 20 kg. Around 2,100-2,200 bags arrived in Saurashtra region quoting Rs 685-710.
Traders said that increased buying on restricted supply amid low stocks position in spot markets led to a rise in castor seed prices.
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