Castorseed futures moved up, tracking firm spot demand along with export demand while spot priced declined on increasing arrivals.

On the Rajkot Commodity Exchange (RCX), December contracts rose by Rs 33 to Rs 3,977 a quintal. RCX spot castor declined by Rs 27.50 to Rs 3,580.

On the National Commodity and Derivatives Exchange (NCDEX), castor for November delivery gained Rs 34 to Rs 3,862 with an open interest of 99,320 lots. December contract moved up by Rs 29 to Rs 3,930 with an open interest of 43,170 lots.

A Rajkot-based trader said, spot market witnessed a good demand but after recent gains made by the oilseed there was a surge in arrivals. As a result, it pressurised the castorseed price. Overall, the sentiment is bullish and prices may not decline more in coming days.

About 10,000-11,000 bags of castor seed arrived in Gujarat and price was stood at Rs 705-715 for 20 kg, down by Rs 10. Around 1,900-2,000 bags arrived in Saurashtra and traded at Rs 685-719.

According to Kedia Commodity, castorseed gained tracking firm spot demand along with good export demand. However, prospects of higher production on the back of improved rainfall in the major producing regions may cap gains.

India is the largest producer and exporter of castor seed and its oil, meal. According to the latest data from SEA, India’s total castormeal exports during April-September were reported at 2.14 lakh tonnes, up 39 per cent from the same period last year. The export of castor oil for the period is 2.45 lakh tonnes, higher by 4,000 tonnes.

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