Mumbai, April 29 (CommoditiesControl): Castor prices in Gujarat are experiencing pressure after a record-breaking single-day arrival of 2.15 lakh bags. The decline comes as farmers look to sell off holdings after significant downturns in the cumin and fennel markets, and with mustard prices also underperforming.
Traders anticipate continued heavy arrivals over the next ten days in the lead-up to Akshaya Tritiya, with daily volumes potentially reaching 1.25-1.50 lakh bags. This influx, combined with hesitant stockists who view current prices as inflated, is benefiting buyers and putting downward pressure on prices.
Millers, facing a 15-20 day stockpile of castor, are reducing their purchase prices amidst the glut of supply. Today's spot market prices fell by approximately Rs 10-15 per 20kg.On the NCDEX, the May castor contract traded at Rs 5710 per quintal, down Rs 46, while the June contract traded at Rs 5770 per quintal, also down Rs 46.
(By Commoditiescontrol Bureau; +91-9820130172)
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