Castorseed futures plunge on good sowing

Castorseed fell sharply by Rs 105 to Rs 4,320 per quintal in futures trade today following off-loading of positions by traders amidst report of good sowing in growing regions.
At the National Commodity and Derivatives Exchange, castorseed for delivery in far-month December contracts tanked Rs 105, or 2.37 per cent, to Rs 4,320 per quintal, with an open interest of 25,570 lots.
In line with overall trends, the most-active October month contracts traded Rs 85, or 1.99 per cent, lower at Rs 4,181 per quintal, in an open interest of 1,51,320 lots, while delivery in current month lost Rs 77, or 1.83 per cent, to Rs 4,122 per quintal, clocking an open interest of 1,17,480 lots.

Marketmen said reports of good sowing in growing regions as delayed monsoon and insufficient rainfall encouraged farmers to shift from other crops to castorseed put pressure on castorseed prices at futures trade here.
Besides, weak export demand also had a negative impact, they said.