MUMBAI (Commodity Online): Castor seed futures in India’s NCDEX gained Tuesday as traders created fresh positions on the back of rising demand in the spot markets.

In NCDEX Castor seed October contract traded in the afternoon session at Rs.3496 per quintal, up by 3.21% and open interest of the contract stood at 84860 lots for the time being.

Prospects of higher production on the back of improved rainfall in the major producing regions could limit the uptrend of futures.

Export of Castor oil reached 30,963 MT for the month of August 2012, against the export of 35,130 MT for the month of July 2012. A total area of 8.50 lakh hectares is under Castor seed crop this year against 11.13 lakh hectares in the previous year as on 13th September.