Castor seed prices spurted by Rs 84 to Rs 4,493 per quintal in futures trade today as investors accumulated exposures backed up by positive physical market sentiments.
At the National Commodity and Derivatives Exchange platform, castor seed delivery for the most traded second contract August shot up by Rs 84 or 1.91 per cent to Rs 4,493 per quintal, with an open interest of 1,17,630 lots.
Castor seed prices recovered by Rs 21 to Rs 4,260 per quintal in futures trade on short-covering by participants at existing levels induced by encouraging physical cues.
At the National Commodity and Derivatives Exchange, castor seed delivery for August improved by Rs 21, or 0.50 per cent, to Rs 4,260 per quintal in a business turnover of 86,280 lots.
Castor seed prices spurted for the second straight session, adding 1.89 per cent to Rs 4,269 per quintal in futures trade on unabated accumulation of holdings by the investors, spurred by strong physical leads.
Market players said, investors were indulged in enlarging holdings, driven by upbeat physical markets sentiment, boosting the castor seed futures prices.
Castor seed prices slipped by Rs 13 to Rs 4,233 per quintal in futures trade on cutting down holdings by the participants depressed by negative physical markets sentiments.
Market players attributed the decline in castor seed futures prices to slackness in demand for soap, paint and lubricant industries amid mounting of stocks on relentless supplies from producing areas in the spot markets.