Ahmedabad, April 22nd Commodities Control : The Gujarat castor seed market witnessed limited activity today, with prices remaining stable due to sluggish demand and a recent slowdown in castor oil prices. The upcoming Hanuman Jayanti holiday on Tuesday is expected to further dampen trading activity.
Market Factors:
Limited Demand: Low demand for castor seeds continues to hold prices in check.
Farmer Inventory: Farmers who needed immediate cash have already sold their stock. Those with stronger financial positions are currently holding onto their castor seeds.
Potential Price Impact: Traders anticipate a possible decline in sales by farmers if castor oil prices fall further. However, a decrease in arrivals could lead to a price increase of around Rs 50 per 20 kg due to the prevailing lower price point.
Arrival and Price Data:
Total arrivals from Gujarat, Rajasthan, and direct Milo trading reached approximately 123,000 sacks (35 kg/sack).
Castor seed price remained steady at Rs 1,125-1,140 per 20 kg.
Futures Market:
No significant movement was observed in the futures market throughout the day. Milo remained relatively unchanged in pricing.
Jagana Sheparso's price opened at Rs 1,165 and closed at Rs 1,163 per 20 kg.
N.K. and Kandla prices remained constant at Rs 1,175 and Rs 1,150-1,155 per 20 kg, respectively.
Reddy-Reddy on Kandla delivery Sharat for castor oil opened at Rs 1,177-1,178 per 10 kg and closed at Rs 1,172-1,173.
NCDEX Castor Contracts:
As of 4:53 PM IST, the May contract on NCDEX is trading at Rs 5,802 per quintal, down Rs 28.
The June contract is down Rs 37 at Rs 5,855 per quintal.
Market Outlook:
The upcoming holiday and lack of demand are likely to keep the castor seed market subdued in the short term. Wednesday's arrivals will be crucial in gauging any potential price fluctuations, particularly in light of the potential impact of lower castor oil prices on farmer selling activity.
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