Castorseed falls Rs 46 per quintal in futures trade

Castorseed prices dropped by Rs 46 to Rs 3,454 per quintal in future trading today after traders cut down their holdings amid a weak trend at the domestic spot markets on subdued demand.
At the National Commodity and Derivatives Exchange, castorseed delivery in most-active month February was trading lower by Rs 46, or 1.31 per cent to Rs 3,454 per quintal, with an open interest of 3,39,900 lots.
January contracts also slipped by Rs 35, or 1.02 per cent to Rs 3,380 per quintal, in an open interest of 1,970 lots.
Marketmen said the fall in castorseed prices at futures trade was largely due to offloading of positions by speculators amid slackened demand at the spot markets against increased arrivals from growing regions.

Besides, lower export demand of castor oil too weighed on trading sentiments, they said.