Following increased demand at the lower level, castorseed futures moved up on Wednesday. According to market sources, expectation of demand in castor oil also supported the rise . Castorseed spot prices, however, declined on higher arrivals.
On the Rajkot Commodity Exchange, castorseed June contracts were up ₹28 at ₹4,313 a quintal. RCX spot castorseed decreased by ₹55 to ₹3,945 .
On the National Commodity and Derivatives Exchange, castorseed April contracts gained ₹19 at ₹4,240 with an open interest of 182,060 lots. NCDEX May contracts improved by ₹14 to ₹4,304 with an open interest of 62,370 lots.
A broker said that futures gained as prices dropped the previous day and at this level, there was some buying interest among traders on expectation of good demand in castor oil in coming days.
However, as arrival improved in the last few days, spot castorseed was under pressure. Castorseed arrival rose from 15,000-17,000 bags to 45,000-48,000 bags in Gujarat and prices declined by ₹10 to ₹790-800. About 3,500-3,600 bags arrived in Saurashtra and price declined by ₹15 to ₹750-775 for amaund of 20 kg. Castor oil remained steady at ₹835/10 kg.