Mumbai, May 1, 2024 (CommoditiesControl): The castor market in Gujarat is witnessing a significant influx of supply, exerting downward pressure on prices. Today, with over 200,000 sacks of castor arriving in the state, prices experienced a softening trend, declining by Rs 5-10 per 20 kg. Traders attribute this price decrease to the persistent pressure from incoming supply.
Notably, arrivals included approximately 180,000 sacks from Gujarat and 15,000 sacks from Rajasthan, totalling around 205,000 sacks, with an additional 10,000 sacks traded directly in Milo. Despite this surge in supply, castor prices remained stable at Rs 1,075-1,090 per 20 kg.
Millers responded to the increased arrival of castor in the spot market by further reducing prices today. Morning prices for Jagana Sheparso initially stood at Rs 1,126, settling at Rs 1,118 by the end of the day. Similarly, morning prices for Kandla began at around Rs 1,135, ending at Rs 1,130, while Kandla's morning prices ranged from Rs 1,120-1,125, concluding at Rs 1,115-1,120 per 20 kg. Additionally, the morning price for Reddy-Reddy on Kandla Delivery Sharat in castor oil started at Rs 1,143, ultimately reaching Rs 1,135 per 10 kg.
The prevailing market dynamics suggest a continued decline in castor prices amid heightened supply, with potential stabilization contingent upon increased purchasing activity in response to reduced stock prices.
(By Commoditiescontrol Bureau; +91-9820130172)
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