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Thursday, 5 January 2017

Stock of MCX has jumped by 2% on Thursday, attributed to the permission granted by the market regulator SEBI, to launch castor seed futures. The stock has risen by 2% to hit a high of Rs 1,307 on BSE. The stock had hit a high of Rs 1420 in October last year. After one year, the arch rival of MCX, NCDEX has relaunched trading in the castor seed commodity today. NCDEX had found manipulation of trade, thus it had suspended futures trading in all castor seed contracts.

SEBI had even barred 16 entities from accessing the market and had ordered a forensic audit. MCX has announced transaction charges that are lower by Rs 0.50 per Rs 1 lakh of turnover as compared with NCDEX charges for futures trading in castor seed contracts over the period of February, March, April and May 2017. 

Castor seed output this year is estimated to drop by 30% to 10 lakh tonnes, from an average 14-15 lakh tonnes in the last few years, due to a situation of drought and shift to other crops because of sharp fall in prices.
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