MUMBAI, 11 Dec (Commoditiescontrol): The castor market in Gujarat continues to witness a consistent decline, with prices falling by ₹10 per 20 kg today. Castor prices have now dropped below ₹1,250 per 20 kg, reflecting the ongoing bearish sentiment in the market. According to traders, declining arrivals and weak demand are the primary reasons behind the steady drop in prices.
Farmers, faced with falling prices, are reluctant to sell their produce, leading to reduced market activity. The futures market has also been dominated by bearish players, which has further impacted spot markets negatively.
In Gujarat, total arrivals of castor stood at approximately 16,000 bags (1 bag = 35 kg) today. An additional 2,000 bags arrived from Rajasthan, while 1,000 bags were directly traded with mills, bringing the total arrivals to 19,000 bags. Castor prices were quoted in the range of ₹1,230-1,245 per 20 kg.
The downward trend in the futures market also prompted adjustments in spot prices by millers. Morning prices for Jaggana Shippers started at ₹1,278 per 20 kg but ended lower at ₹1,270. Similarly, N.K.'s morning price of ₹1,290 fell to ₹1,280, while Kandla prices dropped from ₹1,270 to ₹1,260 per 20 kg by the end of the day. However, castor oil prices for Kandla delivery saw a slight increase, with Reddy-Reddy quotes rising from ₹1,280 to ₹1,285 per 10 kg.
On the NCDEX, castor futures also reflected the bearish trend. As of 4:35 PM, the December contract fell by ₹45 to trade at ₹6,249 per quintal. The January contract was down ₹31 at ₹6,337, while the February contract slipped ₹26 to ₹6,351 per quintal.
The market sentiment remains weak due to the lack of strong demand and the prevailing bearish influence in the futures market. Traders believe that any recovery will depend on improved demand from end-users and exporters.
(By Commoditiescontrol Bureau; +91 98201 30172)
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