Castorseed futures shot up 3% on brisk buying

Castorseed futures prices firmed up by Rs 119, or 3.01 per cent, to Rs 4,071 per quintal today on heavy buying by traders in line with poor supply and heavy demand in physical markets.

Marketmen said strong demand ahead of festival amid fall in demand at physical markets, attributed to the rise in castorseed futures prices.

Heavy industrial demand in physical markets was another boosting factor for the commodity, they added.

At the National Commodity and Derivatives Exchange counter, soyabean prices for current-month September contract climbed by Rs 119, or 3.01 per cent, to Rs 4,071 per quintal, with an open interest of 1,100 lots.

November-month delivery also jumped by Rs 111.50, or 3.00 per cent, to Rs 3,825 per quintal, with an open interest of 2,260 lots.