MUMBAI, 09 Dec (Commoditiescontrol): The castor market is experiencing a continuous decline in arrivals, with the futures market showing a strong hold by bearish traders. This has led to a two-way movement in the castor market, with traders anticipating further volatility. According to market sources, the ongoing decline in arrivals is linked to castor prices in the spot market falling below ₹1250 per 20 kilograms. With sluggish demand, prices are expected to remain volatile in the coming days.
As castor prices continue to decline, the arrivals are steadily decreasing. Today, Gujarat reported an arrival of around 14,000 bags (1 bag = 35 kg), while Rajasthan contributed 2,000 bags, and direct mills saw an additional 1,000 bags, totaling approximately 17,000 bags. The price of castor stood between ₹1240 and ₹1265 per 20 kilograms.
Millers did not make significant changes to their prices today. Prices for Jagana Sheepers remained at ₹1293 per 20 kilograms, while N.K. prices stayed at ₹1310 per 20 kilograms, and Kandla remained at ₹1287 per 20 kilograms. For castor oil, Kandla delivery saw the same price of ₹1307 per 10 kilograms.
In the NCDEX market, as of 4:10 PM, the December contract for castor was trading ₹27 lower at ₹6390 per quintal, while the January contract was trading ₹17 lower at ₹6468 per quintal.
With these factors at play, the castor market is likely to continue experiencing fluctuating prices, driven by both declining arrivals and slow demand, with traders closely watching further market developments.
(By Commoditiescontrol Bureau; +91 98201 30172)
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