Castor seed futures plunge on profit-booking

Castor seed prices fell sharply by Rs 151 to Rs 4,838 per quintal in futures trading today as traders indulged in booking profits at existing higher levels amid a weak trend at the physical markets.
At the National Commodity and Derivatives Exchange, castor seed for delivery in July plummeted Rs 151, or 3.03 per cent, to Rs 4,838 per quintal, having an open interest of 130 lots.
Castor seed for May delivery also slipped by Rs 84, or 1.75 per cent, to Rs 34,707 per quintal, in an open interest of 91,150 lots.
Marketmen said, a steep fall in castor seed prices at futures trade was mostly attributed to emergence of profit- booking by participants at current levels coupled with a weak demand at the domestic spot markets on shrinking demand against persistent arrivals from producing areas.