Castorseed futures recovers on fresh buying

Castorseed prices spurted by Rs 39 to Rs 3,819 per quintal in futures trade today on fresh buying by speculators in the wake of firm physical market sentiment.

Marketmen said, after a sell off in the previous session, traders preferred to raised their holdings at lower levels, pushed up castorseed prices in futures market.

Restricted supply and pick up in demand in physical markets also influenced the trading sentiment to some extent, they quoted.

Strong industrial demand was another reason behind price rise, they said.

At the National Commodity and Derivatives Exchange counter, castorseed prices for January-month contract recovered by Rs 39 or 1.03 per cent to Rs 3,819 per quintal, with an open interest of 9,470 lots.

Near February-month contract also remained in keen demand and rose by Rs 34.50 or 0.96 per cent to Rs 3,615 per quintal, with an open interest of 3,020 lots.