Ahmedabad, 16 April (Commoditiescontrol): Castor prices in Gujarat faced downward pressure due to continued supply pressure. Prices averaged Rs 1100 per 20 kg, . Today, castor prices declined by Rs 10-15 per 20 kg.
According to traders, due to the closure of many mandis in Banaskantha due to Ashtami, there was a total arrival of around 1,40,000 bags (1 bag = 35 kg) in Gujarat today, 15,000 bags from Rajasthan, and 10,000 bags directly to mills. Castor prices were Rs 1090-1120 per 20 kg.
Overall, plant rates closed higher at the end of the day due to a sharp recovery in NCDEX futures. Jagana Shippers saw their morning price of Rs 1151 per 20 kg increase to a closing price of Rs 1155 per 20kg. N.K.'s prices similarly rose, starting at Rs 1175 per 20 kg in the morning and ending at Rs 1180 per 20 kg. Kandla's prices experienced a slight increase from a morning range of Rs 1140-1145 per 20 kg to a closing range of Rs 1145-1150 per 20 kg. Finally, Kandla delivery price of castor oil saw its morning price of Rs 1165 per 10 kg end within the range of Rs 1170-1172 per 10 kg, all influenced by the performance of NCDEX futures.
On NCDEX at 4.55 PM, the castor April contract was trading down Rs 31 at Rs 5755, the May contract was down Rs 28 at Rs 5795, and the June contract was down Rs 30 at Rs 5840 per quintal.
Traders anticipate reduced selling from farmers due to a decline in prices. Market attention is now on Thursday's arrivals following the Ramnavami holiday, which will decide the market trend.
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