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Castor Prices Fluctuate Amidst Steady Export Demand and Limited Arrivals

4 Jun 2024 4:56 pm
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Mumbai, June 4th, (Commodities Control): Castor prices experienced fluctuations today due to a combination of limited arrivals in Gujarat and sustained export demand for castor oil. The futures market opened with a positive trend on Monday, leading to a marginal increase of 5-10 rupees per 20 kg in the spot market this morning. However, subsequent pressure in the futures market led millers to adjust their prices downwards.

Market analysts suggest that the consistent demand for castor from millers, driven by robust castor oil exports last month, could contribute to price improvements in the near future. Today's arrivals from Gujarat, Rajasthan, and direct mill trades totaled approximately 80,000 bags (1 bag = 35 kg). Castor oil prices remained stable at Rs 1115-1130 per 20 kg.


Closing Prices:

Jagana Sheeperso: Opened at Rs 1158, closed at Rs 1153.

NK: Opened at Rs 1160, closed at Rs 1155.

Kandla: Remained unchanged at Rs 1138-1155.

Reddy-Reddy (Kandla Delivery Sharat): Opened at Rs 1158-1160, closed at Rs 1156-1158.

As of 16.47 hrs on NCDEX, the June castor contract was trading at Rs 5707 (down by Rs 34), and the July contract was trading at Rs 5770 per quintal (down by Rs 35).

The castor market is currently experiencing a dynamic interplay between limited supply and sustained demand. While the limited arrivals from Gujarat have exerted upward pressure on prices, the steady export demand for castor oil could potentially drive further price improvements in the coming days.


(By Commoditiescontrol Bureau; +91-9820130172)


       
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