Mumbai, 3 Aug (Commoditiescontrol): The castor seed market in the state witnessed a price decline today despite good arrivals, as limited demand from mills pressured prices. Prices fell by Rs 10-15 per 20 kg due to the imbalance between supply and demand. Traders noted that while the spot market saw a robust influx of castor seeds, restrained demand led to a drop in prices. The market’s direction now hinges on the level of arrivals on Monday.
According to traders, Gujarat saw an arrival of approximately 40,000 bags (1 bag = 35 kg) of castor seeds, with an additional 7,000 bags arriving from Rajasthan and 3,000 bags being directly traded in mills, bringing the total to around 50,000 bags. Prices for castor seeds ranged from Rs 1,185 to Rs 1,205 per 20 kg.
While the futures market was closed today, fluctuating demand from mills resulted in price volatility. For example, the price of Jagana Shippers started at Rs 1,233 but ended at Rs 1,228 per 20 kg. Similarly, N.K.K. began at Rs 1,240 and concluded at Rs 1,235 per 20 kg. Kandla's prices ranged from Rs 1,232-1,240 in the morning and dropped to Rs 1,225-1,235 per 20 kg by the end of the day.
In the castor oil market, the price for Kandla delivery under the ready-ready conditions started at Rs 1,243 per 10 kg and settled between Rs 1,238-1,240 per 10 kg.
The market remains focused on the supply and demand dynamics, with traders keenly watching Monday's arrivals to gauge future price trends.
(By Commoditiescontrol Bureau: 09820130172)
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