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Castor seed futures on NCDEX surge to two-year high

Castor seed futures on National Commodities and Derivatives Exchange (NCDEX) surged to two years high on Wednesday, supported by forecasts of weaker output, slower arrivals in physical market and expectation of good export demand for castor seed derivative products (meal and oil) in coming months.

Most active castor seed futures for April delivery on the NCDEX rose 2.25 per cent to Rs. 4,740 a quintal at 16.00 hrs today, the biggest daily gain this week. It will be the fourth consecu .

The traded volumes in castor seed clocked an average of 9,600 lots of 10 tonnes each this week which was 4000-5000 lots in the previous week. The market participation rose in this counter as speculators sees good opportunity in earning good profits as the prices may rise further on forecasts of weaker output coupled with encouraging meal and oil exports data during February compared to previous month,” said Ritesh Kumar Sahu (Fundamental Analyst – Agri Commodities, Angel Broking