After making sharp gains on the back of good industrial demand last week, castorseed futures was up 1.41 per cent as market participants booked the profit.
With this, demand in spot was slightly declined due to high price. Spot market in Gujarat was closed for Sardar Patel Jayanti.
On the National Commodity and Derivatives Exchange (NCDEX) castorseed November contract declined by 1.41 per cent or Rs 52 to Rs 3,635 a quintal, with an open interest of 52,310 lots.
December delivery was down by Rs 49 to Rs 3,715 with an open interest of 84,170 lots.
On the Rajkot Commodity Exchange (RCX), castor December contract decreased Rs 52 to Rs 3,777.
Due to holiday, hardly 3,000-4,000 bags of castor arrived in Gujarat and price was quoted Rs 680-700 for 20 kg.
Despite area under castor seed declined this kharif season, industry experts expect supplies to be normal on high carryover stock.
According to industry sources, farmers already have a carryover stock of about 4 lakh tonnes, which is expected to offset the possible decline in production this year.
The total area sown under castor seed was 1.18 million hectares, which is 11.8 per cent less than last year’s, SEA noted in its estimates.
According to the latest SEA data, India’s total castor meal exports during April-September were reported at 214,000 tonnes, up 39 per cent from the same period last year.