Castor seed futures fall 0.89% on weak spot cues

Castor seed prices drifted lower by Rs 37 per quintal in futures trade today on offloading of positions by speculators amid a weak trend at the physical markets.

At the National Commodity and Derivative Exchange, castor seed delivery for the most-traded delivery in May declined by Rs 37, or 0.89 per cent, to Rs 4,114 per quintal, with an open interest of 66,770 lots.

Castor seed to be delivered in April also eased by Rs 31, or 0.75 per cent, to Rs 4,088 per quintal with the business turnover of 29,250 open lots.

Marketmen said the fall in castor seed prices in futures market was mostly due to reducing of bets by participants, triggered by a weak trend at the domestic spot market following muted demand from consuming industries.