Speculative buying drove up the castorseed price at the lower level on Wednesday with expected domestic and export demand supporting the trend. Moreover, lower arrivals helped in the price surge.

On Rajkot Commodity Exchange (RCX), castor September contract gained by Rs 29 to Rs 3,660 a quintal. RCX December contract moved up by Rs 39 to Rs 3,959. Spot castor price increased by Rs 7.50 to Rs 3,552.50. On the National Commodity and Derivatives Exchange (NCDEX), castor October contract moved up by Rs 29 to Rs 3,656 with an open interest of 1,08,910 lots. NCDEX November contract traded higher by Rs 35 at Rs 3,760 with an open interest of 27,940 lots. About 5,000-6,000 bags of castorseeds arrived in Gujarat and price increased by Rs 5 to Rs 710-725 for 20 kg. Around 2,400-2,500 bags arrived in Saurashtra and the price stood at Rs 665-700. Rajkot-based castor broker said: “We are expecting some good demand from export side. Moreover, domestic buyers also entered the market and it may led to increase in prices in the coming days.”

According to Agriculture Department data, as on September 10, castor has sown on 5,14,600 hectares. Last year, the acreage 7,37,800 hectares.

PTI reports: Castorseed December contract recovered on renewed offtake from exporters and traders. Castorseeds bold fell by Rs 10 to Rs 3,640 from Rs 3,650 a quintal and castor oil commercial by Rs 2/10 kg to Rs 758. Castorseed December contract closed at Rs 3,960 compared with Rs 3,895 on Tuesday.

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