Castorseed futures gain on high demand

Castorseed futures traded higher by Rs 67 to Rs 3,994 per quintal today after speculators enlarged positions following rising demand from consuming industries in spot markets.
At the National Commodity and Derivatives Exchange, July contracts spurted by Rs 67, or 1.71 per cent, to Rs 3,994 per quintal with an open interest of 22,980 lots.
Also, most active May contracts surged by Rs 56, or 1.48 per cent, to Rs 3,848 per quintal, in an open interest of 1,34,480 lots.
Marketmen said strong demand from consuming industries, including paint, soap and lubricant amid forecast of deficient rains this monsoon season, influenced castorseed prices at futures trade.

Besides, pick-up in export demand also supported the uptrend in castorseed prices, they added.