Mumbai, 04 May 2024 (CommoditiesControl): In response to a notable decrease in castor arrivals in Gujarat, the commodity market is witnessing a gradual uptick in prices. Prominent traders in the castor market attribute this price surge to the early onset of castor sowing this year, resulting in a peak in castor arrivals as early as April. Projections indicate that while weekly arrivals are expected to hover around 1 lakh bags initially, post the auspicious occasion of Akshaya Tritiya, arrivals are anticipated to diminish to less than one lakh bags per week.
As of recent market observations, a modest Rs 5 increment in spot market rates has propelled castor prices back to the Rs 1100 per 20 kg threshold. It is anticipated that prices will maintain this range, fluctuating between Rs 1080 to Rs 1100 over the ensuing week, with a potential surge to Rs 1150 by mid-May. Market analysts suggest that farmers may be incentivized to sell their produce once prices become more appealing amidst reduced arrivals.
Today's arrival statistics indicate that approximately 1,45,000 sacks (1 sack = 35 kg) originated from Gujarat, with an additional 15,000 sacks arriving from Rajasthan, resulting in a total arrival of around 1,70,000 sacks, including direct trade of 10,000 sacks in Milo. Castor prices ranged between Rs 1080-1100 per 20 kg.
Meanwhile, minimal fluctuations were observed in Milo prices following the conclusion of futures market activity. Notably, Jagana Sheparso and N.K. Kandla prices remained steady at Rs 1138 and Rs 1145 respectively, while Kandla Delivery Sharat prices for Reddy-Reddy castor oil-maintained stability within the Rs 1120-1125 per 10 kg range throughout the day.
(By CommoditiesControl Bureau; +91-9820130172)
0 Comments 
Post Comment 
