Spot castorseed prices moved up on domestic industrial demand, while castor futures declined as market participants booked profits.
“Prices in the spot market has been rising in the past 8-10 days as traders are building inventories and also due to domestic demand . Prices will continue to move up as we are expecting good exporter buying too,” said Rajubhai Pobaru, President of Rajkot Commodity Exchange.
A broker said that since prices in the futures market has been increasing for the last few days, traders were booking profits. Futures could decline further in this week.
On the National Commodity and Derivatives Exchange, castorseed July contracts declined by Rs 13 to Rs 3,410 a quintal with an open interest of 28,790 lots. August contracts decreased by Rs 11 to Rs 3,473 with an open interest of 27,750 lots.
On the Rajkot Commodity Exchange, castorseed September contracts ruled flat at Rs 3,525.
RCX spot castorseed price moved up by Rs 75 to Rs 3,220.
About 70,000-75,000 bags of castorseed arrived in Gujarat and the price was Rs 630-660 for a maund of 20 kg. Around 6,500-7,000 bags arrived in Saurashtra region and sold between Rs 600 and Rs 645 for a maund .