Castor Seeds

Castor Seeds Meaning:
In commodity market terminology, castor seeds refer to the seeds of the castor oil plant, a flowering member of the spurge family of plants from which castor oil is made. The plant is native to India, the Mediterranean Basin and East Africa. The seeds are commonly used in the manufacture of castor oil and futures on castor seeds are traded on the National Commodity and Derivatives Exchange or NCDEX, an electronic trading system based in India and at the Rajkot Market also in India.

Castor Seeds Example:
Castor seed futures are traded in units of 10 metric tons and are quoted in Indian Rupees with a minimum fluctuation of 0.10 or 10 paise. The quality of the seeds acceptable for delivery takes oil content, 47%, foreign matter and damaged seeds, 3% and moisture content, 4.5% maximum into account. Futures contracts are available for all months, and the delivery date upon which all outstanding positions result in delivery falls on the 20th day of each month.