Castorseed prices firmed up by Rs 88, or 2.34 per cent, to Rs 3,870 per quintal in futures trading today following renewed buying by traders, driven by firm spot market sentiment.
Marketmen said strong demand from paint industries ahead of festive season amid restricted supply, mainly supported the uptrend in castorseed prices.
They said the demand for paint, which normally rise during the festival season of Diwali and Dussehra, further fuelled on reports of a boom in realty sector.
The castorseed is maximum used by paint manufacturers and some other heavy industrial units.
At the National Commodity and Derivatives Exchange platform, castorseed prices for November contract shot up by Rs 88.50, or 2.34 per cent, to Rs 3,870 per quintal, with an open interest of 1,110 lots.
Current September stock delivery also jumped by Rs 46, or 1.16 per cent to Rs 4,002 per quintal, with an open interest of 1,480 lots.
