MUMBAI, 8 Aug (Commoditiescontrol): Castor sowing in Gujarat and Rajasthan has been significantly lower this year compared to last year. However, due to good rainfall over the past fifteen days, sowing is expected to begin once the sun comes out. This delay is about one to one and a half months longer than usual, indicating a potential shortage of castor post-Diwali. This anticipated shortage is leading to a strong hold in both the futures and spot markets.
In the current year, there was good arrival of new castor in November-December, but this season is expected to see lower arrivals. Additionally, the existing stock may struggle to last through February. These factors are contributing to the strength observed in the state’s castor market. Today, castor prices saw an improvement of Rs 5-10 per 20 kg.
According to traders, today’s arrivals included approximately 35,000 bags (1 bag = 35 kg) from Gujarat, 6,000 bags from Rajasthan, and 3,000 bags directly to mills, totaling around 44,000 bags. Castor prices were between Rs 1,190-1,210 per 20 kg.
Due to minimal changes in the futures market, millers also did not significantly alter prices. Jagana shippers' morning price was Rs 1,235 which closed at Rs 1,233. N.K.'s price remained steady at Rs 1,240 throughout the day, and Kandla's price stayed at Rs 1,235-1,250 per 20 kg. For castor oil, Kandla delivery on Reddy-Reddy terms maintained a consistent price of Rs 1,242-1,243 per 10 kg.
On NCDEX at 16:47, the August contract for castor increased by Rs 3 to Rs 6,190 and the September contract rose by Rs 2 to Rs 6,255 per quintal.
(By Commoditiescontrol Bureau; +91 98201 30172)
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