Castor seed falls by 2.3% on weak domestic demand

Castor seed prices lost Rs 102 to Rs 3,453 per quintal in futures trade today on bumper stocks position against weak overseas and domestic demand.

 

Marketmen said besides heavy stocks position, reports of higher production this season following favourable monsoon rains mainly influenced the sentiment.

 

They said falling demand in domestic as well as overseas markets further dampened the trend.

 

India is the largest producer and exporter of castorseed and its oils in the world.

 

At the National Commodity and Derivatives Exchange, castorseed for far November contract slid by Rs 102, or 2.87% to Rs 3,453 per quintal, with an open interest of 2,120 lots.

 

Most active August contract also fell further by Rs 54, or 1.67%, to Rs 3,182 per quintal, with an open interest of 1,51,570 lots.