Mumbai, June 19: Castor prices softened by Rs 10 per 20 kg today, attributed to fluctuations in the futures market and prevailing uncertainty surrounding the monsoon's progress in Gujarat. Despite stable arrivals compared to yesterday, market participants are adopting a cautious approach due to the uncertain weather conditions.
Market sentiment suggests a potential slowdown in castor, but a significant decline is not anticipated. A decrease in prices is likely to lead to a reduction in farmers' market offerings, influencing prices directly. The future trajectory of castor prices will depend heavily on the demand for castor oil in the coming days.
Today, Gujarat contributed approximately 55,000 bags (1 bag = 35 kg) to the total arrivals, while Rajasthan contributed 10,000 bags. Direct mill trades accounted for an additional 5,000 bags, bringing the total arrivals to around 70,000 bags. Castor prices ranged between Rs 1105-1120 per 20 kg.
The fluctuations in the futures market prompted mills to adjust their prices. Jagana Sheeperso's price experienced volatility, eventually settling at Rs 1155 per 20 kg. N.K.'s price closed at Rs 1160 per 20 kg, while Kandla's price ranged between Rs 1148-1170 per 20 kg. In the castor oil segment, Reddy-Reddy at Kandla delivery Sharat concluded trading at Rs 1157-1159 per 10 kg.
On NCDEX at 4:50 PM, the June castor contract experienced a notable drop of Rs 197, trading at Rs 5524 per quintal. The July contract also declined by Rs 12, trading at Rs 5753 per quintal, while the August contract experienced a Rs 23 drop, trading at Rs 5808 per quintal.
The castor market is currently experiencing downward pressure on prices due to uncertainty surrounding the monsoon season in Gujarat. Market participants are closely monitoring the situation, with future price movements likely to be influenced by the demand for castor oil and the progress of the monsoon.
(By Commoditiescontrol Bureau; +91-9820130172)
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