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Castor Prices Strengthen in Gujarat on Increased Demand Amidst Steady Arrivals

7 Jun 2024 5:07 pm
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Mumbai, June 7 (Commodities Control): Castor prices in Gujarat witnessed a slight uptick due to increased demand despite steady arrivals of around 75,000 bags over the past few days. The arrival on Friday was 5,000 bags higher than the previous day, with traders attributing the increased selling by farmers to the marginal price improvement.

The market's future trajectory depends on the selling patterns in the coming days. With predictions of good rains by weather agencies, no major price fluctuations are anticipated in the castor market until the arrival of the monsoon. The sowing patterns of castor will be influenced by the onset and intensity of the monsoon, with early and timely rains potentially leading farmers to prefer other Kharif crops like peanuts.

The total arrivals in Gujarat on Friday were approximately 62,000 bags (1 bag = 35 kg), with an additional 11,000 bags from Rajasthan and 5,000 bags traded directly in mills, bringing the total to 78,000 bags. Castor prices remained stable at Rs 1115-1135 per 20 kg.

The futures market also saw a positive trend, with the June contract of castor trading at Rs 5715, up by Rs 3, and the July contract trading at Rs 5784 per quintal, up by Rs 3 on NCDEX at 16.52 hrs.

The castor market in Gujarat is currently experiencing a period of stability with prices strengthening marginally on increased demand. The arrival of the monsoon and its impact on sowing patterns will play a significant role in determining the future price trajectory of castor.

(By Commoditiescontrol Bureau; +91-9820130172)

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