Castorseed futures tumble on profit booking

Castorseed futures prices plummeted by Rs 44.50 to Rs 3,810 per quintal today, following profit booking by traders at existing higher levels in tandem with weak cues from spot markets. 

Marketmen said speculators offloading part of their holdings to book profits after the recent upsurge pushed up prices. 

They said poor industrial demand, amid increased supply in spot markets, also led speculators to offload their holdings.

At the National Commodity and Derivatives Exchange counter, castorseed price for delivery in December tumbled by Rs 44.50 or 1.15 per cent to Rs 3,810 per quintal, clocking an open interest of 5,050 lots.

The price for delivery in January also dipped by Rs 38.50, or 1.06 per cent to Rs 3,608 per quintal, with an open interest of 5,060 lots.