Castor seed futures sink on subdued spot demand

Castor seed prices slumped Rs 120 to Rs 4,031 per quintal in futures trade today after participants offloaded positions, triggered by a weak trend in the physical markets on ample stocks position.
Marketmen attributed the steep fall in castor seed futures prices to huge position of ready stocks on regular supplies from growing belts amid thin demand from soap and other consuming industries in spot markets.
At the National Commodity and Derivative Exchange, castor seed to be delivered in current month contracts plunged Rs 120, or 2.89 per cent, to Rs 4,031 per quintal with an open interest of 21,520 lots.

The most-traded delivery in February contracts also plummeted Rs 112, or 2.67 per cent, to Rs 4,090 per quintal, with a business turnover of 53,920 open lots.