Castor seed prices drop in futures trade on weak spot cues

Castor seed prices softened by 0.34 per cent to Rs 5,256 per quintal in futures trade Tuesday after participants liquidated holdings in line with weak trend at the physical markets.

Marketmen said, taking negative lead from the spot markets due to ample stocks following persistent supplies against slackened demand from soap, paint and other consuming industries, led to the fall in castor seed futures prices.

At the National Commodity and Derivatives Exchange, castor seed for January declined by Rs 18, or 0.34 per cent, to Rs 5,256 per quintal, with an open interest of 1,42,3500 lots.

Castor seed for February, however, advanced by Rs 8, or 0.34 per cent, to Rs 5,338 per quintal, in the business turnover of 33,510 open interest lots.