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Bullish Sentiment in Castor Futures Lifts Spot Market Prices

9 Oct 2024 5:07 pm
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MUMBAI, 9 Oct (Commoditiescontrol): Strong bullish momentum in the castor futures market has driven firmness in the spot market, with prices showing consistent gains. According to traders, a dominant bullish syndicate, backed by financial strength, has been sustaining the upward trend, leading to continued buying activity. As a result, castor seed prices in the spot market rose by ₹10-15 per 20 kg on Tuesday.

In terms of arrivals, Gujarat reported around 43,000 bags (1 bag = 35 kg), including 33,000 bags from within the state, 5,000 bags from Rajasthan, and 5,000 bags directly to mills. Spot prices for castor seeds held firm, trading between ₹1,300-1,315 per 20 kg.

Across various markets, slight price increases were observed. In Jagana, morning prices opened at ₹1,338 per 20 kg, ending the day at ₹1,340. The N.K. market saw prices rise from ₹1,350 to ₹1,355, while Kandla’s prices moved from ₹1,320 to ₹1,330 per 20 kg. For castor oil, ready delivery prices in Kandla also edged up slightly, starting at ₹1,340 per 10 kg and closing at ₹1,342.

On the NCDEX, castor futures mirrored the bullish trend. As of 4:55 PM, the October contract rose by ₹41, trading at ₹6,822 per quintal. The November contract increased by ₹35 to reach ₹6,905 per quintal, while the December contract gained ₹49, trading at ₹6,990 per quintal.

The strength in the futures market has created a ripple effect, supporting spot market prices and maintaining a firm tone. Market participants remain focused on further developments, as the sustained demand and strong sentiment could continue to shape castor seed price movements in the coming days.

(By Commoditiescontrol Bureau; +91 98201 30172)


       
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