OUR CORRESPONDENT, THE HINDU BUSINESS LINE
RAJKOT, MAY 23:
Prices of castorseed declined over 3 per cent or Rs 101 a quintal in the futures market as market participants' sold heavily. However, the downfall was restricted in the spot market as arrivals dropped.
Traders said that the demand was weak as exporters have been facing problem to get ships for export during the last 15 days. If the situation continues, castor prices may fall more in coming days.
According to market sources, new export enquiries are expected in the coming days leading to increased demand. However, since traders have ample stocks, any rise in castorseed may be nominal only.
A Rajkot-based castor broker said that the current weak demand in the physical market has resulted in prices dropping on Wednesday. However, arrival declined marginally from 1,10,000 bags to 90,000-100,000 bags, capping the drop in price.
On the National Commodity and Derivatives Exchange, castorseed June contracts declined by Rs 101 to Rs 3,082 a quintal, with an open interest of 24,100 lots. July contracts decreased by Rs 93 to Rs 3,141 with an open interest of 18,960 lots.
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