Castor seed futures weaken on low spot demand

Castor seed prices edged lower by Rs 9 to Rs 4,814 per quintal in futures trade today as traders indulged in slashing exposure largely in line with weak physical markets.
Marketmen said cutting down of positions by operators, tracking a weak trend at spot markets due to sluggish demand from soap and lubricant makers against higher supplies drove the castor seed future prices down.
At the National Commodity and Derivative Exchange, castor seed for most-active October month contract was trading lower by Rs 9 or 0.19 per cent to Rs 4,814 per quintal, clocking a business turnover of 99,570 open lots.

The November contract also dropped by Rs 7 or 0.14 per cent to Rs 4,909 per quintal, revealing an open interest of 16,470 lots.