MUMBAI, 13 July (Commoditiescontrol): The castor oil market is experiencing a notable surge, driven by concerns of a potential shortage and a decline in castor oil sowing. In the state, castor oil prices increased by Rs 5 per 20 kg today. Traders indicate a shift towards increased sowing of peanuts in Banaskantha and tur (a type of pulse) in Surendra-Kutch, which has contributed to the heightened demand for castor oil.
Despite continuous arrivals, demand remains robust, supporting the price rise. According to traders, Gujarat saw the arrival of approximately 45,000 bags (1 bag = 35 kg) of castor oil, with Rajasthan receiving 10,000 bags and 5,000 bags directly from mills, totaling around 60,000 bags. Castor oil prices ranged between Rs 1120-1220 per 20 kg.
The closure of the futures market today resulted in no significant changes in millers' prices. Jagana Shepers' prices held steady at Rs 1245, NK's prices remained unchanged at Rs 1240, and Kandla's prices were stable at Rs 1235-1245 per 20 kg. Additionally, castor oil prices for Kandla delivery remained consistent at Rs 1235-1245 per 10 kg.
(By Commoditiescontrol Bureau; +91 98201 30172)
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