Castor seed futures drop further on weak spot cues

Castor seed prices extended losses by Rs 16 to Rs 4,164 per quintal in futures trade today following continuous off loading by operators in tune with subdued physical markets.

Market players said traders were cutting down holdings constantly in line with down trend in spot markets due to heavy availability of stocks amid sluggish demand from paint, soap and lubricant industries, which led to the fall in castor seed futures prices.

Export demand also fell at prevailing levels, weighing down trading sentiments in castor seed futures prices, they quoted.

At the National Commodity and Derivative Exchange, castor seed for delivery in May contracts remained lower by Rs 16, or 0.38 per cent, to Rs 4,164 per quintal, clocking an open interest of 25,470 lots.

Similarly, the delivery of April contracts softened further by Rs 13, or 0.31 per cent, to Rs 4,115 per quintal, with an open interest of 45,880 lots.