Continuing its upward journey, castorseed prices spurted by another Rs 71 to Rs 4,169 per quintal in futures trading today as participants engaged in enlarging their bets amid a firm trend at the physical market.
Marketmen said persistent rise in castorseed prices at futures trade was mostly attributed to widening of positions by participants backed up by a firm trend at the physical markets on strong demand from paint and lubricant industries coupled with restricted arrivals from growing regions.
At the National Commodity and Derivative Exchange, castorseed for delivery in far-month March contracts was trading higher by Rs 71 or 1.73 per cent to Rs 4,169 per quintal, with an open interest of 8,710 lots.
Castroseed for delivery in most-active February month contracts also shot up by Rs 65 or 1.60 per cent to Rs 4,123 per quintal, in an open interest of 14,890 lots.
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