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Castor Market Sees Volatility; Conference Outcomes and Global Cues Key

22 Feb 2024 5:30 pm
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Mumbai, 22 Feb (Commoditiescontrol): The castor market experienced mixed signals today. PositiveNN sentiment in the futures market initially drove spot prices up by 5 rupees per 20 kilograms. The ongoing castor conference in Ahmedabad also contributed to price gains.

However, Prime Minister Narendra Modi's visit to North Gujarat led to market closures in Banaskantha, reducing castor arrivals. Estimated arrivals are approximately 50,000 bags (1 bag = 35 kilograms). Futures trading showed muted activity.

Jagana Shippers opened at ₹1170 per 10 kg and closed at ₹1165 per 20 kg. N.K. opened at ₹1190 per 10 kg and closed at ₹1180 per 10 kg. Kandla prices remained stable throughout the day at ₹1160-1175 per 10 kg. Reddy castor oil on the Kandla delivery condition opened at ₹1198 per 10 kg and closed at ₹1190-1195 per 10 kg.

Experts anticipate ongoing market fluctuations. Conclusions from the castor conference and cues from international markets will be crucial factors in determining future price trends.

(By Commoditiescontrol Bureau; +91-9820130172)

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