MUMBAI, 25 Jan (Commoditiescontrol): The castor seed market in Gujarat witnessed a decline for the second straight day as subdued demand failed to support prices against rising arrivals. On Friday, castor seed prices softened by ₹15-₹25 per 20 kg, marking a cumulative drop of ₹20-₹35 over the last two days. Traders attributed this decline to weak demand, which could not keep pace with the growing supply of castor seeds. Market sentiment now hinges on the arrivals expected on Monday, which will set the tone for further price movements.
Gujarat recorded the arrival of approximately 30,000 bags (1 bag = 35 kg) of castor seeds today, supplemented by 2,000 bags from Rajasthan and 1,000 bags directly sent to mills, bringing the total arrivals to 33,000 bags. The prices of castor seeds in the state ranged between ₹1,265 and ₹1,280 per 20 kg, reflecting the market's bearish trend.
The decline in spot market prices also prompted oil millers to adjust their rates. The morning price of N.K. castor oil stood at ₹1,315 per 20 kg but eased to ₹1,310 by the end of the day. Similarly, Jagana Shippers quoted ₹1,295 in the morning, later reducing it to ₹1,290, while Kandla's price dropped from ₹1,292 to ₹1,290. In the castor oil market, Kandla delivery prices under ready-delivery terms were adjusted from ₹1,317 in the morning to ₹1,315 per 10 kg by day's end.
With demand remaining weak and supply continuing to increase, the short-term outlook for the castor seed market appears bearish. All eyes are now on Monday's arrivals and potential demand from mills, which could determine the direction of the market in the coming week.
(By Commoditiescontrol Bureau; +91 98201 30172)
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