Castorseed futures tumble as speculators trim position

Amid huge stocks position in spot market following arrivals of new crop, castorseed prices plunged by Rs 142 to Rs 3,686 per quintal in future trading today as speculators reduced their exposures.
Further, subdued export demand weighed on castroseed prices at futures trade.
At the National Commodity and Derivatives Exchange, castorseed for delivery in April month contracts dropped sharply by Rs 142, or 3.71 per cent to Rs 3,686 per quintal, with an open interest of 85,880 lots.
Also, most-active March month contracts also plummeted by Rs 137, or 3.64 per cent to Rs 3,627 per quintal, in an open interest of 1,01,720 lots.

Marketmen said apart from heavy stocks position on arrivals of new crop, sluggish demand from consuming industries in spot markets mainly pulled down the prices.
Subdued export demand, particularly from China, which imports about 50 per cent of castor oil from India also weighted on prices, they added.