Short covering in and some export inquiries pulled up the castor price in future market on Wednesday. Though, domestic demand was normal and according to traders, price may not go up much in coming time.
On Rajkot commodity Exchange (RCX) castor December contract was increased Rs 62 to Rs 3580 per quintal. However RCX spot castor was declined marginally by Rs 8.50 to Rs 3,407.50 per quintal.
At National Commodity and Derivatives Exchange (NCDEX) castor December contract was increased Rs 77 or 2.25 percent to Rs 3,498 per quintal, with an open interest of 11,630 lots. NCDEX castor for January delivery contract was gained Rs 71 to Rs 3,579 per 100 kg, with an open interest of 119,540 lots.
About 12,000-13,000 bags of castor arrived in Gujarat and price was quoted Rs 672-678 per 20 kg. Around 1,600-1,700 bags arrived in Saurashtra region and price was quoted Rs 655-680 per 20 kg.
Rajkot based castor broker said, “Market participants started to cover the position on expected export demand in coming days. Moreover in past few days overall price trend was weak and at this level domestic and export demand is expected.”