Castorseed futures surge on low inventories

Castorseed prices firmed up by Rs 50.50 to Rs 5,122 per quintal in the futures trade today, on the back of lower stocks position against brisk buying by traders.

Market analysts said apart from low inventories, rise in demand from consuming industries, encouraged traders to extend their positions during futures trading.

At the National Commodity and Derivatives Exchange, castorseed prices for delivery in April shot up by Rs 50.50, or 1.00 per cent, to Rs 5,122 per quintal, with an open interest of 1,410 lots.

For delivery in February, prices jumped up by Rs 49.50, or 0.92 per cent, to Rs 5,432 per quintal, with an open interest of 5,460 lots.

The March delivery also remained in demand and gained by Rs 30, or 0.58 per cent, to Rs 5,225 per quintal, clocking an open interest of 7,480 lots.