India – Castor Seed October,November Futures Gain

On the National Commodity and Derivatives Exchange, October contracts increased by Rs 35 to Rs 3,474 a quintal with an open interest of 1,25,890 lots.

November contracts gained by Rs 41 at Rs 3,579, with an open interest of 44,910 lots.

On the Rajkot Commodity Exchange, December contracts increased by Rs 44 to Rs 3,714. RCX spot castor declined by Rs 37.50 to Rs 3,410 a quintal.

Castor oil traded flat at Rs 720 for 10 kg.

Spot prices, however, decreased as recent rains have raised hopes of higher sowing of the crop that is grown during the rabi season.

Read More:http://www.thehindubusinessline.com/markets/commodities/castorseed-futures-gain-on-value-buying/article5168034.ece

NCDEX Castor Seed Surges Ahead on Global Cues

Castor seed prices at India’s National Commodities and Derivative Exchange (NCDEX) was up by 1.86%. Castor Seed for September delivery is  trading around Rs 3373-3470 per qtl levels.

Record production in India in 2012-’13 and rise in production in Brazil and China has impacted castor seed prices. Oil demand remains firm in spot markets has capped further fall in castor seed prices.

On the 5th of August, Castor seed rose to a high of 3470 Rs/qtl at 12.11 pm IST and is expected to trade positive in the near term . Support is at 3450, 3430 levels and resistance at 3516 & 3530.

Positive reports from Rajkot spot witnessed recovery in castor seed future prices.  NCDEX expects castor seed to trade with bullish bias.

Source: NCDEX