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Gujarat Castor Prices Firm Amid Declining Arrivals and Robust Export Outlook

8 Jun 2024 4:41 pm
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Mumbai, June 8 (CommoditiesControl): Castor prices in Gujarat are experiencing a gradual uptick due to the dwindling arrivals and a promising export forecast. Market participants anticipate a significant decline in daily arrivals from the current 75,000-80,000 bags to around 70,000 bags within the next two weeks. This decrease is expected to coincide with an uptick in castor oil exports, estimated to reach at least 50,000 tonnes.

Leading traders predict that shippers will need to raise castor prices to incentivize stockists to release their holdings and ensure a steady supply for crushing. The current market sentiment indicates a low likelihood of a price downturn in the near future.

Today, castor prices in the state saw a marginal increase of 5-10 rupees per 20 kg. Arrivals from Gujarat totaled around 62,000 bags, while Rajasthan contributed 12,000 bags. Direct trade accounted for an additional 5,000 bags, bringing the total arrivals to approximately 80,000 bags. Castor prices ranged between Rs 1115-1130 per 20 kg.

Mill prices remained relatively stable due to the closure of the futures market. Jagana Sheeperso, N.K., and Kandla maintained their prices at Rs 1158, Rs 1160, and Rs 1140-1165 per 20 kg, respectively. Castor oil prices for Kandla delivery also held steady at Rs 1162-1166 per 10 kg.

The castor market in Gujarat is currently characterized by tightening supply and a positive export outlook, which are driving prices upwards. Market players are closely monitoring the arrival and export trends to gauge future price movements. (By Commoditiescontrol Bureau; +91-9820130172)

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