Castorseed closes higher due to surge in demand

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Castorseed prices closed higher by 1.98 per cent on Thursday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the rise in demand from consuming industries against restricted arrivals in domestic markets which in turn encouraged the investors to enlarge their holdings. At the NCDEX, castor seed futures for June 2013 contract closed at Rs. 3,396 per quintal tonnes, up by 1.98 per cent, after opening at Rs. 3,340 against the previous closing price of Rs. 3,330. It touched the intra-day high of Rs. 3,411.

Castor is a non-edible oilseed crop; basically a cash crop, with average 46 per cent oil recovery.

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Story first published: Friday, June 7, 2013, 10:30 [IST]
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