Mumbai, May 9 (CommoditiesControl): Today witnessed a notable increase in the arrival of castor in Gujarat, surpassing initial expectations. Consequently, stockists observed a rise of Rs 10-15 per 20 kg in the spot market, driven by purchases at lower price points. Market observations indicate an unexpected surge in arrivals from the Banaskantha and Bhabhar regions.
With several markets in North Gujarat slated for closure on Friday due to Akshaya Tritiya, market dynamics are poised to shift based on Saturday's arrivals.
Approximately 1,60,000 sacks (1 sack = 35 kg) arrived from Gujarat, accompanied by 17,000 sacks from Rajasthan, resulting in a total arrival of around 1,90,000 sacks, including the trade of 13,000 sacks directly in Milo. Castor prices saw a decline, settling between Rs 1085-1100 per 20 kg.
In response to the increased buying activity by stockists in the spot market, traders adjusted prices accordingly. The morning prices of Jagana Sheparso and N.K. Kandla saw marginal increases, reaching Rs 1130 and Rs 1140 respectively, from initial levels of Rs 1125 and Rs 1135. Meanwhile, the price range for Kandla remained steady at Rs 1120-1125 per 20 kg throughout the day. Similarly, in the castor oil segment, prices for Reddy-Reddy on Kandla Delivery Sharat remained unchanged at Rs 1143-1145 per 10 kg.
On the NCDEX platform, the May contract of castor was observed trading at Rs 5568 per quintal, experiencing a decline of Rs 12, while the June contract traded at Rs 5654 per quintal, also recording a decrease of Rs 12.
(By Commoditiescontrol Bureau; +91-9820130172)
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