on the back of weak spot demand castor future price was declined by Rs 59 per quintal. Moreover increasing arrivals also pressurized the price. Spot price decreased too.
At Rajkot Commodity Exchange (RCX) castor December contract was moved down Rs 59 to Rs 3,615 per quintal. RCX spot castor price traded down Rs 7.50 to Rs 3,455 per quintal.
On National Commodity and Derivatives Exchange (NCDEX) castor for December delivery was declined Rs 21 to Rs 3,565 per 100 kg, with an open interest of 99,980 lots. NCDEX January contract was decreased Rs 20 to Rs 3,635 per quintal, with an open interest of 39,310 lots.
Rajkot based castor traders said, “In future market, participants booked the profit as demand was weak in spot market. Before Diwali, stockiest and exporters and traders bought castor in big amount and that’s why demand is weak at presently. Price may decline further in near future as export demand is poor.”
About 14,000-15,000 bags of castor seed arrived in Gujarat and price was declined Rs 8 to Rs 665-692 per 20 kg. Around 1700-1800 bags arrived in Saurashtra and price was quoted Rs 660-685 per 20 kg.