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Castor seed prices plunged by Rs 96 to Rs 3,560 per quintal in futures trading today due to weak global demand amid mounting stocks in domestic markets.
Marketmen said prospects of higher production this season following heavy rains in the major producing regions mainly influenced the market sentiment.
India is the largest producer and exporter of castorseed and its oils in the world.
At the National Commodity and Derivatives Exchange, castorseed for far November contract dropped by Rs 96, or 2.63% to Rs 3,560 per quintal, in an open interest of 1,710 lots.
Most active first contract August month slipped by Rs 73, or 2.17%, to Rs 3,297 per quintal, with an open interest of 1,67,920 lots.
Near September contract also fell by Rs 79, or 2.28%, to Rs 3,390 per quintal, having an open interest of 75,870 lots.
