Castorseed futures across maturities were up 1.5 per cent on renewed buying interest. Export enquiries also aided the bullish trend. India is the largest producer and exporter of castor oil. Castorseed prices have been gaining in the last few weeks due to deficient rain in the growing areas, particularly in Gujarat.
The monsoon has been more than 60 per cent deficient in Gujarat. In Andhra Pradesh, the other major growing State, the growing areas have received rains a little late. This has affected the sowing of castorseed this year.
Castorseed September futures were up 1.4 per cent at Rs 4,408 a quintal, while October futures were up Rs 80 at Rs 4,545.November increased by Rs 89 to Rs 4,634 and December was quoted higher by Rs 92 at Rs 4,717.
The spot prices at Disa, Gujarat, closed at Rs 3,928.35 for a quintal on Tuesday.