Castorseed futures spurt 3% on strong demand

Castorseed futures prices shot up by Rs 106 to Rs 3,634 per quintal today, following brisk buying by traders in line with a firming demand in spot markets.

Marketmen said speculative buying by traders on the back of heavy demand and restricted supply in physical markets, mainly led to the sharp rise in futures prices.

The demand for castorseed, which is normally used in lubricants, medicines and soap manufacturing industries, picked up in the spot markets. 

At the National Commodity and Derivatives Exchange counter, castorseed futures prices for November delivery climbed up by Rs 106 or 3 per cent to Rs 3,634 per quintal, with an open interest of
2,550 lots.

The January contract surged by Rs 73.50, or 2.19 per cent, to Rs.3436 per quintal, with an open interest of 2,980 lots.

Castorseed for delivery in December also hardened by Rs 63, or 1.82 per cent, to Rs 3,517 per quintal, clocking an open interest of 6,240 lots.