Castor seed futures rise on spot demand

Castor seed prices edged higher by Rs 65 to Rs 4,136 per quintal in futures trade today on accumulation of bets by traders in tune with spurt in physical demand.
Marketmen said increased bets by investors on back of a spurt in demand for paint, soap and lubricant industries amid thin supplies from growing belts in spot markets led to the uptick in castor seed futures prices.
At the National Commodity and Derivative Exchange, castor seed delivery for February contracts shot up by Rs 65, or 1.60 per cent, to Rs 4,136 per quintal, clocking an open interest of 2,680 lots.

Similarly, the delivery for March contracts advanced by Rs 27, or 0.65 per cent, to Rs 4,161 per quintal with a business turnover of 62,800 open lots.