Castor futures moved up marginally on account of strong export demand for its meal in local mandis along with weak production estimates for the current year. However, spot traded weak.
Since Wednesday, most of the APMCs in Gujarat will be closed for a week. Arrival of castor also halved and will decrease further.
On the National Commodity and Derivatives Exchange (NCDEX), castor April contract increased ₹7 to ₹4,140 with an open interest of 155,800 lots. NCDEX May contract was up ₹9 to ₹4,208 a quintal with an open interest of 82,960 lots.
On Rajkot Commodity Exchange (RCX), castor for June gained ₹20 to ₹4,243. RCX spot castor declined ₹12 to ₹3,959.
Data compiled by Solvent Extractors Association showed that the exports of castor meal during February reported a strong gain of over 254 per cent to reach 0.39 lakh tonnes against 0.11 lakh tonnes of the previous year.
About 28,000-30,000 bags of castor arrived in Gujarat and prices stood at ₹770-790 for 20 kg. Around 900-1,000 bags arrived in Saurashtra for ₹745-780. Castor oil increased ₹5 to ₹835/10 kg.