Castorseed futures strengthen on brisk buying

Castorseed futures prices surged by Rs 48 to Rs 4,520 per quintal in future trading today following heavy buying by traders, driven by firm spot market sentiments.

Market analysts said strong industrial demand amid restricted supply, mainly supported uptrend in castorseed prices.

Low inventories also helped to boosted the trading sentiments, they quoted.

At the National Commodity and Derivatives Exchange counter, castorseed for delivery in March shot up by Rs 48, or 1.07 per cent, to Rs 4,520 per quintal, with an open interest of 7,370 lots.

Most active February-month delivery too moved up by Rs 38, or 0.81 per cent, to Rs 4,758 per quintal, revealing an open interest of 7,870 lots.