Castorseed futures up on strong spot demand

Castorseed prices sharply rose by Rs 53 to Rs 4,115 per quintal in future trading today after participants widened positions, driven by a firming trend at the domestic markets on rising demand.
Furthermore, a firming trend in overseas markets too supported the upside.
Marketmen said a firming trend at the spot markets on the back of strong demand from consuming industries coupled with a favourable overseas trend, led to the rise in castorseed prices.
At the National Commodity and Derivatives Exchange, castorseed for delivery in far-month November contracts rose Rs 53 or 1.30 per cent to Rs 4,115 per quintal, in an open interest of 2,240 lots.

Also, delivery in September contracts gained Rs 26, or 0.66 per cent to Rs 3,967 per quintal, with an open interest of 1,52,630 lots.
While, August contract advanced by Rs 25, or 0.65 per cent to Rs 3,883 per quintal, having an open interest of 1,31,680 lots.