With a decline in prices and arrivals, traders expect fresh export demand to emerge for castor.
Short covering by market participants pulled up the futures.
However, spot castor declined marginally on the back of lower export demand.
On the Rajkot Commodity Exchange (RCX) castor for June was up Rs 29 to Rs 3,482 a quintal while on the National Commodities and Derivatives Exchange (NCDEX) castor June contract increased Rs 24 to Rs 3,339. NCDEX July castor gained Rs 18 to Rs 3,434.
RCX spot castor was down Rs 7.50 to Rs 3,305.
About 70,000-75,000 bags of castor seed arrived in Gujarat and price was quoted Rs 648-660 for 20 kg and 4,300-4,500 bags arrived in Saurashtra and price stood at Rs 635-661 .
Castor oil was traded at Rs 690 for 10 kg.
A Rajkot-based castor trader said, “At present demand for export is slow. Moreover, domestic buying is also limited and as a result castor price has declined since last one week.
On the other hand, arrivals also are sliding to almost 35,000-40,000 bags from 1.25 lakh bags to 80,000-85,000 bags in Gujarat.”