MUMBAI (Commoditiescontrol) - The efforts of NCDEX and SEBI regarding castor may reduce the pain of futures in the coming days, but recently there is no hope of relief from this.
The investigation of Commoditiescontrol.com has revealed that NCDEX has achieved great success in terms of record open interest. Of course, in the coming days, the circuit will open soon, but its bad effect on the spot is yet to be done.
Significantly, the open interest of castor futures has fallen by about 57% from the record level. Open interest in castor futures fell to 1.37 lakh tonnes today from the record level of 3.25 lakh tonnes hit on September 23. But after the settlement being made by the exchange and the offloading of hedgers' positions, the situation of over-supply in the spot can be created. Currently, NCDEX warehouses have stock of about 1.15 lakh tonnes.
|
OI In NCDEX Castor Futures Fall 57% From Record
|
|
Date
|
Open Interest (In Tonne)
|
|
Today 03/10/2019 (3:30 PM)
|
137,155
|
|
27/09/2019
|
306,155
|
|
23/09/2019
|
325,370 (Record Level)
|
Experts are assuming that when the present stock of about 1.15 lakh tonnes lying in the warehouses of NCDEX will arrive in the market, there can be a problem in the spot market. Because the arrival of new castor crop will also start in Andhra Pradesh from next month. From February onwards, new crops will come in the market in Gujarat and Rajasthan as well. In such a situation, there should be no expectation of any kind of uptrend in castor in the coming months.
It is to be noted that this year castor has been sown on more than 9 lakh hectares.
Today, castor October futures closed down 4% at Rs 4512 / quintal on NCDEX. Similarly, November, December, January and February futures also closed on the lower circuit of 4%.
0 Comments 
Post Comment 
