Mumbai, June 25 (CommoditiesControl) – Castor seed prices in the Gujarat spot market remained stable on Tuesday, despite a decline in futures prices triggered by forecasts of good rains in North Gujarat.
Traders anticipate that the spot market may reflect the futures' softness on Wednesday. Despite a good arrival of around 70,000 bags (1 bag = 35 kg) in Gujarat and Rajasthan, strong demand prevented any further price decline, with prices holding steady at Rs 1,115-1,135 per 20 kg.
The futures market, however, saw a decline, with the July contract on NCDEX closing at Rs. 5,748 per quintal, down by Rs. 26, and the August contract closing at Rs. 5,808 per quintal, down by Rs. 28.
Prices for various castor seed varieties also fluctuated, with Jagana Sheeperso and N.K. seeing minor decreases throughout the day. Castor oil prices on Kandla delivery also saw a slight dip.
While the futures market experienced a decline due to weather forecasts, the spot market remained stable, driven by robust demand in Gujarat. It remains to be seen whether the spot market will follow the futures' downward trend in the coming days.
(By Commoditiescontrol Bureau; +91-9820130172)
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