MUMBAI, 5 Jul (Commoditiescontrol): Castor seed prices rallied on Friday, at major mandis of Gujarat, due to slow arrival and increased demand. Recent rainfall in the region has kept farmers fairly busy in sowing activities, which caused a decline in arrival of castor seeds. The demand for castor seeds remains strong. As such, today, prices gained, showing an increase of Rs 5-10 per 20 kg. Traders from Mahesana said that the period of declining castor seed prices is over. They expect prices to reach Rs 1,200 per 20 kg. Export demand for castor oil is boosting demand from millers, contributing to the rising prices.
Castor oil prices have reached Rs 1,200 per 10 kg, reflecting an upward trend in both spot and futures markets. Today, approximately 33,000 bags (1 bag = 35 kg) of castor seeds arrived in Gujarat, 9,000 bags in Rajasthan, and 4,000 bags were traded directly with mills, totaling around 46,000 bags. The price of castor seeds ranged from Rs 1,145-1,170 per 20 kg.
In the futures market, increased demand led to improved prices, with millers adjusting their rates. The morning price of Jagana Sheparos started at Rs 1,190 and settled at Rs 1,195. NK's morning price also started at Rs 1,190 and settled at Rs 1,195. The morning price of Kandla ranged between Rs 1,180-1,192 and settled in the range of Rs 1,182-1,195 per 20 kg. Meanwhile, the price of castor oil for Kandla delivery was Rs 1,195-1,198 in the morning, settling at Rs 1,200 per 10 kg.
On the NCDEX, the July contract for castor seeds traded at Rs 5893 per quintal, up by Rs 52, while the August contract traded at Rs 5,963 per quintal, also up by Rs 52, as of 16:42 hours.
With continued strong demand for castor seeds and castor oil, prices are expected to keep rising in the coming days.
(By Commoditiescontrol Bureau; +91 98201 30172)
0 Comments 
Post Comment 
