Mumbai, June 14 (CommoditiesControl): Castor prices experienced an upward trend in the Gujarat spot market today, increasing by 5-10 rupees per 20 kg. This rise is attributed to a decline in arrivals and sustained demand from millers, a key player in the castor oil industry.
Traders indicate that robust international demand for castor oil, coupled with consistent procurement by millers, has bolstered prices. With the new season still 6-7 months away, there is minimal anticipation of a price decline. In fact, experts suggest that if arrivals continue to dwindle or if demand for castor oil further intensifies, prices could potentially escalate. The record-breaking export of 90 lakh tonnes of castor oil in May has reinforced confidence in the market's stability.
Today's arrivals totaled approximately 71,000 bags, a decrease of 4,000 bags compared to the previous day. Gujarat contributed around 55,000 bags, Rajasthan provided 11,000 bags, and 5,000 bags were directly traded with mills. Castor prices held steady at Rs 1120-1135 per 20 kg.
A positive trend in the futures market prompted millers to raise prices. Jagana Sheeperso's price increased from Rs 1162 to Rs 1167, N.K.'s price rose from Rs 1165 to Rs 1170, and Kandla's price ranged from Rs 1150-1170 to Rs 1158-1180 per 20 kg. Castor oil prices also saw an uptick, with Reddy-Reddy's price on Kandla delivery Sharat rising from Rs 1168-1170 to Rs 1173-1175 per 10 kg.
On the National Commodity & Derivatives Exchange Limited (NCDEX), the June castor contract experienced a decline of Rs. 95, closing at Rs. 5624 per quintal, while the July contract saw an increase of Rs. 32, closing at Rs. 5810 per quintal.
The castor market in Gujarat is currently experiencing upward price momentum due to a combination of reduced arrivals and sustained demand. Market participants remain optimistic, and further price increases are possible if current trends persist. The futures market indicates a mixed sentiment with the June contract declining and the July contract rising, suggesting potential volatility in the near future.
(By Commoditiescontrol Bureau; +91-9820130172)
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