MUMBAI, 6 Sep (Commoditiescontrol): Castor seed prices remained subdued on Friday, impacted by increased moisture content due to the ongoing rainy season and lack of strong demand from mills. Traders reported that prolonged price disparity has reduced the interest of millers in purchasing castor seeds, resulting in sluggish spot market activity. Additionally, weak foreign demand for castor oil has prevented any upward movement in prices.
Market activity is expected to remain quiet with all major centers in North Gujarat closing on Saturday for Ganesh Chaturthi. The market trend will depend on the level of arrivals when trading resumes on Monday.
Today, total castor seed arrivals in Gujarat were approximately 14,000 bags (1 bag = 35 kg), with an additional 4,000 bags from Rajasthan, and 2,000 bags directly purchased by mills, bringing total arrivals to around 20,000 bags. Prices remained stable at ₹1,190-1,205 per 20 kg.
In the futures market, weakness persisted as millers adjusted prices in line with falling market conditions. Jagana Shippers' prices dropped from ₹1,235 to ₹1,230, N.K. prices fell from ₹1,235 to ₹1,231, and Kandla prices softened from ₹1,230-1,245 to ₹1,225-1,240 per 20 kg. For castor oil, Kandla delivery rates for ready contracts declined slightly from ₹1,238-1,240 to ₹1,235-1,236 per 10 kg.
On the NCDEX, the September castor seed contract fell by ₹28 to ₹6,080 per quintal, while the October contract dropped by ₹24 to ₹6,169 per quintal as of 16:33 PM.
(By Commoditiescontrol Bureau; +91 98201 30172)
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