MUMBAI, 16 Sep (Commoditiescontrol): The castor market is witnessing a steady uptrend as arrivals continue to dwindle, compounded by low stocks and reduced sowing. Traders holding bullish positions are maintaining a strong grip on the market, leading to price increases in both futures and spot markets. Millers, in response, are purchasing at higher prices from stockists to meet their requirements.
Due to the Eid holiday, several mandis were closed today, resulting in limited arrivals. However, with demand remaining steady, castor prices rose by ₹10-₹15 per 20 kg.
In Gujarat, a total of around 22,000 bags (1 bag = 35 kg) arrived, along with 3,000 bags from Rajasthan and 1,000 bags traded directly with mills, bringing the total arrival to approximately 26,000 bags. Prices for castor ranged between ₹1,220-₹1,235 per 20 kg.
The decrease in arrivals, coupled with strong demand from millers, contributed to the price rise. Shippers from Jagana saw morning prices at ₹1,255, which increased to ₹1,260 by the end of the day. Similarly, N.K. maintained a stable price of ₹1,260 throughout the day, while Kandla's prices ranged between ₹1,245-₹1,255 in the morning, ending at ₹1,255-₹1,265 per 20 kg.
In the castor oil market, Kandla delivery prices (Sharat Ready) opened at ₹1,265-₹1,266 per 10 kg and ended the day higher at ₹1,268-₹1,270.
On the NCDEX, castor futures saw a sharp rise. By 16:42, the September contract had increased by ₹161, reaching ₹6,359 per quintal, while the October contract rose by ₹146 to ₹6,411, and the November contract gained ₹148, trading at ₹6,413 per quintal.
This bullish momentum in the castor market is expected to continue, driven by constrained supply and strong demand from millers and other buyers.
(By Commoditiescontrol Bureau; +91 98201 30172)
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