Castor seed prices up by Rs 98 on firm bets

Castor seed prices rose by Rs 98 to Rs 5,804 per quintal in futures trade Thursday after investors widened their bets amid firm trends.

Apart from rising demand from consuming industries, short position of stocks in the spot markets mainly led to the rise in castor seed futures, marketmen said.

On the National Commodity and Derivatives Exchange, castor seed contracts for July were trading higher by Rs 98, or 1.72 per cent, at Rs 5,804 per quintal, clocking an open interest of 1,42,155 lots.

Castor seed contracts for August also rose by Rs 70, or 1.21 per cent, to Rs 5,840 per quintal with an open interest of 1,710 lots.