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Castorseed prices in the spot market improved on the back of good demand from shippers and stockists on hopes export demand will emerge. However, on the futures market prices were almost steady.
About 30,000-35,000 bags of castorseed arrived in Gujarat and prices were up by ₹10 to ₹880-890 for a maund of 20 kg. Around 2,300-2,400 bags arrived in Saurashtra and prices improved by ₹5 to ₹815-825 a maund. Good demand also lifted castor oil prices by ₹10 to ₹885.
Traders said that export demand has been good after Diwali. On the other hand, selling by farmers has increased due to rising prices in Gujarat over the last two days.
On the Rajkot Commodity Exchange (RCX), castorseed December contracts moved up by ₹11 to ₹4,740. RCX spot castorseed gained ₹37.50 at ₹4,312.50 per quintal.
On National Commodity and Derivatives Exchange (NCDEX) castorseed November contract declined by ₹1 to ₹4,746 a quintal, with an open interest of 1,47,110 lots. NCDEX December contract rose marginally by ₹1 to ₹4,831, with an open interest of 2,63,530 lots.
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