MUMBAI, 9 Sep (Commoditiescontrol): After a three-day lull, the castor seed market saw a significant rise in arrivals today. However, despite the surge in supply, prices remained steady due to subdued demand. Traders attributed the stagnation to limited castor oil demand, which has dampened buying interest from mills. Market direction in the coming days is expected to depend largely on foreign demand for castor oil.
A total of 33,000 bags (1 bag = 35 kg) of castor seeds were recorded in Gujarat, with 27,000 bags from Gujarat, 4,000 from Rajasthan, and 2,000 traded directly to mills. Prices remained stable, ranging between ₹1,190-1,205 per 20 kg.
In response to a weakening trend in the futures market, mills adjusted their prices. Jagana shippers saw prices decrease slightly, from ₹1,231 per 20 kg in the morning to ₹1,230 by the end of the day. NK also saw a decline, with prices dropping from ₹1,232 to ₹1,230. Kandla prices held steady throughout the day, ranging from ₹1,225-1,240 per 20 kg. Castor oil delivery for Kandla also softened slightly, with morning prices of ₹1,238 per 10 kg dipping to ₹1,235-1,236.
On the NCDEX, as of 16:37, the September castor seed contract fell by ₹24, settling at ₹6,060 per quintal. The October contract declined by ₹29 to ₹6,145, while the November contract dropped ₹33 to close at ₹6,231 per quintal.
(By Commoditiescontrol Bureau; +91 98201 30172)
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