Castorseed recovers in futures trade on short covering

Castorseed prices recovered by Rs 11 to Rs 3,935 per quintal in future trade today after speculators covered-up their short positions amid a firming trend at spot markets on rising demand.
At the National Commodity and Derivatives Exchange, castorseed prices for delivery this month was trading higher by Rs 11, or 0.28 per cent to Rs 3,935 per quintal, with an open interest of30,460 lots.
Similarly, the most-active delivery in September month rose Rs 9, or 0.22 per cent to Rs 4,012 per quintal, in an open interest of 2,40,880 lots.
Marketmen said apart from covering-up of short positions by speculators, a firming trend at the spot markets on the back of pick up in demand at prevailing levels, helped castorseed to trade higher at futures trade.

Moreover, pick up in export demand influenced sentiment, they added.