Castor seed futures drop on weak spot cues

Castor seed prices drifted lower for the second consecutive day by falling Rs 51 to Rs 4,519 per quintal in futures trading today on continuous offloading of positions by operators amid subdued trend at the physical markets.
In futures trading at the National Commodity and Derivative Exchange, castor seed for delivery this month contracts dipped by Rs 51 or 1.12 per cent to Rs 4,519 per quintal, with the thin business of 570 open lots.
Castor seed for most-traded delivery in October contracts dropped by Rs 23 or 0.50 per cent to Rs 4,611 per quintal, with the business turnover of 86,440 lots.

The fall in castor seed prices in futures trade was mostly due to cutting down of positions by particpiants in tune with a weak trend at the physical markets owing to muted demand form soap, paint and other consuming industries against cosntant supplies from growing blets.