Castor seed extends gains on firm spot cues

Continuing its upward trend, castor seed prices rose by another Rs 35 to Rs 4,022 per quintal in futures trade today as speculators engaged in expanding holdings amid a firm trend at the physical markets.

Market players said the rise in castor seed prices at futures trade was mostly attributed to raising of bets by participants, tracking a firm trend at the spot markets on strong demand from paint and other consuming industries against tight supplies in spot markets.

In addition, pick up in export demand due to falling rupee against the greenback too influenced trading sentiments, they added.

At the National Commodity and Derivatives Exchange, castor seed to be delivered this month advanced by Rs 35 or 0.88 per cent to Rs 4,022 per quintal, having an open interest of 8,030 lots.

Likewise, the most-traded delivery in June also gathered Rs 29 or 0.72 per cent to Rs 4,074 per quintal, with the business turnover of 98,010 open lots.