Castorseed prices closed lower by 0.35 per cent on Thursday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of fresh supply of the commodity in the major mandies as well as strong production estimates. At the NCDEX, castor seed futures for July 2013 contract closed at Rs. 3,440 per quintal tonnes, down by 0.35 per cent, after opening at Rs. 3,445 against the previous closing price of Rs. 3,452. It touched the intra-day low of Rs. 3,421.
Castor oil, extracted from castor seed is the largest vegetable oil exported out of India. India is the biggest exporter of castor oil holding about 70 per cent share of the international trade in this commodity followed by China & Brazil.