Castor seed futures extend gains on spot demand

Castor seed prices rose further by Rs 26 to Rs 4,582 per quintal in futures trade today as participants indulged in raising bets, mainly bolstered by strong demand at the physical markets.
At the National Commodity and Derivatives Exchange, castor seed for delivery in September spurted by Rs 26, or 0.57 per cent, to Rs 4,582 per quintal, with an open interest of 2,456 lots.
In a similar manner, castor seed for August gathered Rs 25, or 0.56 per cent, to Rs 4,507 per quintal, in an open interest of 65,680 lots.
According to market players, the persistent rise in castor seed prices at futures trade was mainly attributed to strong demand from consuming industries amid thin supplies in spot markets.

Besides, rising export demand supported the upside in castorseed prices, they added.