On the back of demand at lower level, castor futures inched up while in spot despite demand price slid as arrivals increased.
On the National Commodity and Derivatives Exchange (NCDEX), castor seed January contract increased by Rs 25 to Rs 3,927 a quintal, with an open interest of 4,350 lots and February contract gained by Rs 6 to Rs 3,805 with an open interest of 3,630 lots.
On Rajkot Commodity Exchange (RCX), castor March contract increased by Rs 38 to Rs 3,718 from its previous day close of Rs 3,682 a quintal. RCX spot castor was traded lower by Rs 52.50 to Rs 3,925 for 100 kg.
In Ahmedabad Commodity Exchange (ACE) castor seed January contract gained Rs 13 to Rs 3,920 a quintal and February increased by Rs 14 to Rs 3,811 for 100 kg.
About 22,000-23,000 bags of castor seed arrived in Gujarat and price was Rs 775-795 for 20 kg and around 2,300-2,400 bags arrived in Saurashtra with Rs 750-780 for 20 kg.
An RCX trader, Mr Harilal Chaganlal, said, “New crop is about to come. After 15-20 days arrivals will gain as new crop will hit the market. Spot price may come down further in coming days.”
However, shippers demand and mills demand will also come in market soon which will arrest the price loss.